Opera sells majority stake in Opera TV
December 20, 2016
Opera Software ASA has sold a controlling stake in Opera TV for to Moore Frères & Company, an investment run by former Viacom execs and focused exclusively on the tech, media, and telecom industries.
Opera TV is an independent developer of cloud and embedded software for OTT deployment and major customers are companies such as Sony, Samsung, TiVo, Verizon, and Sagemcom, and it serves clients across the globe in Asia, Europe, North America, and South America.
“Consumers are increasingly demanding Internet content on their TVs and Opera TV is well-positioned as the leading independent provider of software for this fast-growing space. Opera TV’s suite of products allows TV and set-top-box manufacturers to add the technology and capability to stream the Internet to the most important and largest screen in the home. We look forward to partnering with the Opera TV leadership team to accelerate growth by expanding into new, high-growth adjacent segments, and to further strengthen its leadership position in the entertainment ecosystem,” said Martez R. Moore, chairman and CEO of Moore Frères.
“Moore Frères has impressive TMT and operational expertise that will help Opera TV expand its offering and serve a broader array of customers worldwide,” said Lars Boilesen, chief executive officer of Opera Software ASA. “The Opera TV business has significant potential to drive continued innovation and unlock the full potential of the connected TV. We are pleased to retain a minority stake in order to benefit from the company’s continued growth and success.”
Going forward, there is broad consensus that the majority of set-top box shipments will include OTT-enabled software, which positions Opera TV and Moore Frères to be the key enabler of OTT in the global TV industry.
Aneesh Rajaram, who served as general manager of the Opera TV Business Unit and has led its brisk growth since taking over in 2013, will continue to lead the business as Opera TV’s CEO post transaction.
“This marks an important milestone in Opera TV’s journey, and will accelerate the development of market-leading products that can better serve our customers and partners,” declared Rajaram. “The TV industry is witnessing its largest shift ever, as consumers worldwide embrace OTT content at unprecedented speeds. We’re now delighted to avail ourselves of Moore Frères’ deep industry expertise to help us maintain our leadership by navigating this complex landscape more efficiently.”
The acquisition is the first by Moore Frères, which launched in 2014.