Internet start-up Qlipso has bought the assets of online video sharing service Veoh Networks, allowing it to expand its real-time media sharing platform to millions of new viewers.
Qlipso, backed by Jerusalem Venture Partners (JVP), an Israeli-based venture capital fund, said it had purchased “substantially all of the assets of Veoh” in March. Terms of the deal were not disclosed. Investors had pumped $70 million into Veoh, which was formally launched in 2005.
Veoh competes with YouTube in allowing Internet users to broadcast video content. The company said its audience has grown to 28 million users per month, but in February announced plans to file for bankruptcy protection.