Mobile telecommunications firm Ovo Mobile has acquired Incoming Media, an Australia-based mobile video technology developer backed by corporates Intel, Citrix and Warner Brothers, the Australian Financial Review has reported.
Ovo paid more than A$13m ($10.2m) for Incoming in a deal that will involve it providing stock to company shareholders including Intel Capital, chipmaker Intel’s corporate venturing unit, music label Warner Music and enterprise software provider Citrix.
Venture capital firm OneVentures, another investor in Incoming Media, will hold approximately 30% of Ovo following the deal.
Incoming Media has developed technology that stores advertising or entertainment content on a user’s wifi-enabled mobile device while it is charging, to be viewed later at the most beneficial time for the user.
Ovo Mobile will use the technology to help build OvoPlay, a mobile broadcasting platform that uses Incoming’s system to store advertising or broadcast content.
Incoming Media was spun out from Data61, a research unit once known as National ICT Australia (Nicta) before it was absorbed by state-owned Commonwealth Scientific and Industrial Research Organisation.
Intel Capital and OneVentures had led the company’s $4.9m series A round in 2014, which followed a $1.1m seed round led by OneVentures and backed by Citrix Startup Accelerator and Nicta in 2013. Warner Bros was also an early investor.