DivX Buys AnySource For $15 M, Of Which $7.5M Is Earnout
DivX is a video technology firm best known for their movie video format. DivX (NASDAQ:DIVX) has just announced that they will be acquiring AnySource Media. The acquisition will be for $7.5 million in cash right away and another $7.5 million based on a three year earn out.
Based in Philadelphia, AnySource develops video streaming software that can run on web-enabled HDTVs. AnySource’s software can also accept e-commerce transactions through the HDTVs themselves too.
“AnySource is a solid strategic complement to DivX,” stated AnySource Media CEO and co-founder Mike Harris. “We are very excited to join DivX to redefine the TV viewing experience for millions of consumers, leveraging DivX’s technology and vast ecosystem which now includes more than 200 million DivX devices shipped into the market.”
As part of the acquisition, Harris will be joining the DivX board of directors and report to Kevin Hell, CEO of DivX.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry