Opera Software, a Norway-based technology company spun out of Telenor in 1995, has acquired Verizon-backed Skyfire Labs, a US-based mobile video optimisation company, for up to $155m.
Opera, which has arranged $100m in working capital, will pay $50m in cash after the deal closes. Including $8m on Skyfire’s books, and has reserved $26m in escrow as part of the performance feesd that can be earned over the next three years.
Jeffrey Glueck, chief executive of Skyfire, said: “Opera’s over 100 carrier relationships, global sales team, and delivery organization can accelerate the global commercialization of Skyfire’s technology.”
After the deal closes, Glueck will assume the role of executive vice-president of the operator business for Opera, as well as CEO of Skyfire, which will remain an independent entity as a wholly-owned subsidiary of Opera and will continue to develop and support the Skyfire browser.
Skyfire had raised about $40m. In January last year, US-based telecommunications company Verizon’s corporate venturing unit led Skyfire’s $8m funding round.
Verizon Ventures was joined in the series C round by venture capital firms Matrix Partners, Trinity Ventures and Lightspeed Ventures
In 2009 the company raised $5m of a planned near $5.2m round, according to a Securities and Exchange Commission filing. In 2008 the company raised $13m, according to another filing. News provider TechCrunch said that 2008 round took it to $17.8m funding in total, after it raised a $4.8m series A round in 2007.