Video asset management solution provider, KIT digital, Inc. has acquired three companies--New York City-based KickApps, Paris-based Kewego, and San Francisco-based Kyte. The aggregate price tag for the three deals was $77.2 million.
"These strategic acquisitions complement and enhance our existing product offering while growing our market share across geographies and client verticals," said KIT digital's chairman and CEO, Kaleil Isaza Tuzman in a statement. "We are intent on becoming the one-stop shop for medium and large-sized corporations' video needs, delivering IP video management services from the eyes behind the camera shooting the video to the person watching it on any device-from 'lens-to-lens'."
As part of the acquisition, the CEO of KickApps, Alex Blum, has been appointed to the new position of chief operating officer of KIT digital.
"I believe the combined product offering of these acquisitions will allow us to leapfrog pure-play OVPs and enterprise social software companies, and enter a new era of socially-enabled video," Blum noted in a statement. "We've spent far too long in a broadcast-centric world of one-way communications, and now with the backing of KIT digital's VX-one product portfolio, we have the opportunity to lead the new world of interactive, socially-driven communications and entertainment."
KickApps, which currently has annual revenues of over $12 million and a staff of about 60, offers a suite of hosted social and media applications and services to over 450 clients around the world, including NBC Universal, ASCAP, Hearst, Live Nation, ProSieben, Scholastic, Scripps Network, Viacom, Washington Redskins and The Weather Channel.
KickApps CFO David Lapter will assume the role of senior VP of finance and administration within KIT digital.
"KickApps' innovative and proprietary suite of social media applications are a perfect strategic fit for us, adding powerful social tools and player authoring capabilities to our software platform solutions," commented KIT digital's president, Gavin Campion in a statement. "Its applications will also help us reduce our marginal cost of customized interface development and dramatically reduce the speed of our custom player deployments versus the competition. We see extensive and attractive cross-selling opportunities in our respective client bases."
Paris, France-based Kewego, which had 2010 revenues of $10.2 million and over 400 clients in 16 countries, provides IP-based, multi-screen video asset management solutions for IP connected devices. Michel Meyer, co-founder and CEO of Kewego, will assume the role of senior vice president, product management, and Olivier Heckman, general director and co-founder of Kewego, will become VP sales for Western and Southern Europe at KIT digital.
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