Kit Digital, a video asset management software specialist, has acquired digital media systems integrator Ioko in a deal worth $79.4 million (55 million).
Ioko provides end-to-end managed cloud-based platform solutions for multi-screen video delivery over connected devices and serves approximately 50 clients, including AT&T, BBC, BSkyB, Channel 4, Disney, Foxtel, ITV, Liberty Global, LoveFilm, Samsung and SeeSaw. The company generates approximately US$54 million in annualized revenues related to IP video asset management, through a combination of recurring managed service fees, software licenses, maintenance fees and professional services.
“This transaction represents the culmination of a three-plus year dedicated process to achieve global scope and market share in the IP video platform software sector, both from a geographical and capabilities perspective,” said Kaleil Isaza Tuzman, chairman and CEO of KIT digital.Â
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