Rovi acquires Veveo for over $62 million
Rovi has announced that they have acquired Veveo for $62 million in cash and up to $7 million in additional payments based on performance milestones. Rovi could use Veveo’s technology to add new voice search capabilities to their video discovery platform.
Veveo was founded several years ago and uses a mix of natural language processing and semantic technologies to provide a smarter search and recommendation features into video discovery applications.
The voice search learns about the user as time goes on so that they do not have to repeat themselves. The search engine learns as users look up specific movies, cast members, genres, etc. Veveo is very similar to Siri. Veveo is already used by several device manufacturers and service providers.