KIT bags Nunet and The FeedRoom
October 7, 2009
From Colin Mann in Cannes
KIT digital, a leading global provider of on-demand software solutions for managing and monetising Internet Protocol (IP)-based video assets, has reached deals to acquire two of its leading competitors, Nunet of Cologne, Germany and The FeedRoom, based in New York City. The aggregate consideration paid for Nunet and The FeedRoom was approximately $20.9 million.
Nunet was acquired from IMG Worldwide, and is considered a premier global provider in the management and delivery of video on mobile devices, while The FeedRoom is a venture capital-backed, privately-held market leader in live video and digital asset management for corporations.
"Nunet and The FeedRoom complement and substantially expand our client base, core capabilities and our commitment to serving video to the 'three screens' of the mobile device, browser and television through an IP set-top-box," said KIT digital's chairman and CEO, Kaleil Isaza Tuzman. "We expect these acquisitions to be immediately accretive to our financial results and provide substantial synergies in terms of business development, platform technology, geographical footprint and overall growth potential."
The acquisition of Nunet adds a number of major international clients to the KIT digital roster. A wide range of global mobile network operators use its Mobile TV digital asset management system, including Mobilkom, Proximus, SFR, Vodacom and Vodafone Group. Nunet also works with major broadcasters and content producers such as Discovery Channel, Eurosport International, Fashion TV, IMG Worldwide and MTV Networks. The FeedRoom expands KIT digital's presence in North America through the addition of more than 80 enterprise customers.
"We see a great opportunity for cross-marketing Nunet's Mobile TV asset management capabilities as part of an expanded 'VX2' IP video management offering to our newly combined customer base," noted Gavin Campion, president of KIT digital.