Sponsored media company StackCommerce has acquired online video marketing platform Joyus for an undisclosed cash sum, giving an exit to media group Time Warner, TechCrunch has reported.
Joyus originated as a video-based e-commerce platform before changing tack to focus on producing videos promoting consumer brands, for distribution across a variety of online platforms.
Although the price Stack Commerce paid for the company was not disclosed, a source told TechCrunch it was less than $50m. Some of the Joyus team will join StackCommerce but several will be let go, a person with knowledge of the deal told TechCrunch.
Joyus had raised more than $43m in funding, most recently closing a $24m series C round in 2015 that included Time Warner subsidiary Time Warner Investments as well as Disney-backed venture capital firm Steamboat Ventures, Marker, Accel and InterWest.
Time Warner Investments had previously co-led the company’s $11.5m series B round with Interwest Partners in 2013, investing alongside existing backers Accel and Harrison Metal.