Brightcove Inc. announced the deal on Wednesday; $6.25 million will be paid in cash and remainder in Brightcove shares.
What the deal will bring?
With the purchase, Brightcove will get Ooyala’s software platform, technology, and intellectual property along with Ooyala’s online video technology solutions including Backlot, Analytical and Live platforms. Ooyala will also provide its underlying IP and associated patents to the buyer.
The company might fetch a large portion of Ooyala’s staff across engineering, support, and sales. Brightcove will get a hand on Ooyala’s existing customer base which includes Tribune Media, the PGA Tour, Turner, and brands including Audi, Dell, and Sephore.
The transaction is supposed to close in the first half of 2019.
Brightcove to get brightened
Brightcove is a Software Company that produces an online video platform. It is working in the field since its establishment in 2004 in Boston. Brightcove has its own online platform supporting media, entertainment, marketing, and enterprise spaces. With Ooyala’s technology, it will offer more comprehensive video management and platform. Also, the deal will help in the growth of customer base and market reach.
About Ooyala
Started in 2007, Ooyala is a subsidiary of Australian telecommunication company Telstra. It focuses on online video platforms and workflow management systems.
Happy to Join, says Ooyala
Jonathan Huberman, CEO of Ooyala, said, “We hold our customers’ success as paramount. Selecting Brightcove further demonstrates this commitment and ensures they will receive a world-class experience. Brightcove is doing amazing things in the OVP market, and we are pleased our customers will work directly with the market leader.”
Jeff Ray, CEO of Brightcove, said “Ooyala has tremendous global customers who understand the power of video and its ability to transform business and reach new customers. This transaction, which includes immediately growing our highly skilled and committed global workforce, accelerates our ability to deliver faster innovation and deeper support for all customers. We also will increase our market reach and further strengthen our ability to secure new business in key target markets. We look forward to welcoming Ooyala’s OVP customers and ensuring a smooth transition and a world-class experience for them.”
