Xperi Corp., corporate owner of TiVo, July 5 announced it has acquired Norway’s Vewd Software Holdings for $109 million through a mixture of cash and debt.
Vewd is a global provider of over-the-top video and hybrid TV solutions that ship in more than 30 million connected-TV devices annually. The transaction gives Xperi access to an installed European footprint of approximately 15 million devices that can be enabled for monetization, including activation of TiVo+, a free ad-supported TV streaming service.
As part of the acquisition, Xperi will add approximately 275 Vewd employees, including CEO Aneesh Rajaram, who, along with other senior management, will continues to manage the subsidiary’s operations.
Founded in 2002 with main offices in Norway, Sweden, Taiwan and Poland, Vewd is an independent OTT software provider for smart-TV makers, connected-car and video-over-broadband operators. Over 450 million connected-TV devices have shipped with Vewd Smart TV Solutions from customers that include Amazon, Commscope, Hisense, Nintendo, Sagemcom, Skyworth, Sony, Swisscom, TCL, TPV Phillips and Vestel.
“Vewd’s global reach and expertise in providing support to content owners, TV OEMs, and SoC partners, is tremendously valuable and further paves the way for additional monetization opportunities as we expand our global footprint of streaming devices,” Jon Kirchner, CEO of Xperi, said in a statement.
Kirchner said the deal strengthens Xperi’s growth outlook as it prepares to separate its IP and product businesses this fall.
“We expect incremental revenue of $10 million in the second half of this year, followed by substantially higher revenue and a positive [pre-tax earnings] contribution in 2023,” he said.