KIT bags Hyro to fuel Asia-Pac growth
Editor ©RapidTVNews | 24-04-2012
Video technology and services company KIT digital has signed a definitive agreement to acquire digital solutions company Hyro Limited in a deal said to be worth nearly $15 million.
Headquartered in Melbourne, Hyro provides delivers online and mobile solutions to the telecommunications and broadcast industries among others, across a range of digital content technologies and solutions including video and live streaming across multiple devices. KIT digital say that revenue acquired in the acquisition of Hyro based on the 2011 year will be approximately $20 million.
KIT digital expects to use Hyro’s assets in support of current and future deployments across Asia-Pacific, whereby skilled resources are required to fulfill both existing contracts and future growth.
"This acquisition was agreed to and referenced in communications prior to the management transition that took place in March," said CEO Barak Bar-Cohen. "Our objectives over the last few weeks have been to ensure that the acquisition is immediately accretive on a cash-flow basis and that we are positioned to leverage Hyro's software development and deployment capability on major projects in the region. I'm very confident we have achieved these objectives."
The new deal comes hot on the heels of a number of partnerships announced by KIT, most notably one signed with IBM in April 2012 to deliver integrated multiscreen entertainment solutions making it easier for consumers to purchase premium content and view it on multiple screens. This came only weeks after German pay-TV broadcaster Sky Digital chose the video technology company to expand the reach of its TV Everywhere solution Sky Go to further platforms and devices.