- Amino looking to broaden portfolio with 24i deal
- 24i is an online video solutions and services provider
- Plan is to offer end-to-end solutions
Amino Technologies has agreed a €21.4 million deal to acquire online video solutions and services provider 24i Media.
The purchase comes as Amino – a media and entertainment technology solutions provider – looks to broaden and deepen its TV and online video solution portfolio.
Amsterdam-based 24i provides apps for TV and streaming devices as well as user experience solutions and services. Founded in 2009, the firm has offices in the Netherlands, the Czech Republic, Brazil, Spain and the United States.
24i’s suite of apps, solutions and services will help broaden Amino’s offering and give it a greater geographical reach, the buyer said.
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24i Media CEO Martijn van Horssen said: “In a rapidly changing industry, Amino and 24i are joining forces to innovate and create disruptive video experiences. With our combined technology stacks and highly professional and motivated teams, our post-acquisition mission remains exactly the same: to provide the solutions and services that innovate video experiences across all TV platforms on any device to enable Amino customers to deliver valuable consumer engagements.”
Amino said it had struck the deal as both firms recognise the direction the industry is heading it, with a shift from broadcast and hardware to streaming and hosting video platforms in the cloud.
The deal will give Amino the ability to offer a full end-to-end, on-demand personalised content solutions to its customer base, with clear cross selling and upselling opportunities. Amino’s customer base is primarily operators, where 24i’s base, which includes the likes of Fox Sports, Globo, iflix, KPN, NPO and Sinclair Broadcasting, are mainly broadcasters.
Amino plans to retain 24i’s key senior management team, with the deal seeing the former buy 87% of issued share capital. Ultimately, Amino will own 92% of the company, with the remaining 8% held by 24i’s founders.
Amino chief executive officer Donald McGarva said: “The fast-growing 24i is a great strategic acquisition for us, moving us closer to a decisive market leadership position. Not only does 24i’s leadership in UI/UX and TV/Online video Apps complement our product line-up, but 24i also shares our vision of where the industry is headed, and the agility and culture of innovation required to get it there profitably.”
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