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Net Insight closes sale of Sye unit to Amazon

Net Insight has closed the sale of its Sye consumer streaming business, to Amazon for approximately SEK350 million in cash. The transaction is effective from today.

Net Insight revealed in December that it had signed an agreement to divest Sye, which was engineered to provide low-latency live streaming, helping solve one of the key challenges facing streaming streaming providers. Amazon has already deployed Sye in some of its live streaming services as a customer.

With the close of this transaction, 100% of the shares in the wholly owned Sye business subsidiary, which holds all relevant intellectual property rights,, contracts and about 30 employees and consultants have been transferred to Amazon. The estimated net profit of the transaction for Net Insight will be some SEK200 million in the first quarter of 2020.

According to the company, the divestment will allow it to increase focus and investments in its core B2B Media Networks business area and competencies gained while developing and launching Sye, for example, related to virtualised software and cloud-based technology, will continue to benefit the company. Among other things, the increased focus and investments involve accelerated efforts to drive growth in attractive market segments like Internet-based transport, remote/distributed production and cloud networking solutions.