Net Insight has closed the transaction to divest Sye, its consumer streaming business, to Amazon for approximately SEK350 million (€33.2m) in cash. The transaction is effective immediately.
Net Insight signed an agreement to divest the Streaming Solution business area (Sye) on December 17th 2019. The Sye technology solves fundamental issues for B2C streaming distribution and Amazon has already deployed Sye in some of its live streaming services as a customer.
With the close of this transaction, 100 per cent of the shares in the wholly owned Sye business subsidiary, which holds all relevant IPRs, contracts and about 30 employees and consultants have been transferred to Amazon. The estimated net profit of the transaction will be some SEK200 million in the first quarter of 2020.
Net Insight said the divestment allows it to “increase focus and investments in its core B2B Media Networks business area and competencies gained while developing and launching Sye”.