Telstra Corporation Limited (ASX:TLS) has tied up the $US270 million, or $AUD308.8 million, acquisition of Silicon Valley-based video platform company Ooyala. Australia’s largest telco inked a deal in August to lift its interest in the video streaming and analytics business from 23 per cent to 98 per cent.
Now final approvals have been obtained Ooyala will operate as a subsidiary of Telstra and retain its brand, structure and management under the Telstra Software Group.
Ooyala enables broadcasters, operators and media organisations to deliver digital TV and video content across any device and reaches mass audiences and uses analytics to provide recommendations, personalised content and advertising to the end user.
At the time of announcing the deal Telstra CEO David Thodey said the controlling stake will help Telstra build Ooyala into a world leading personalised video platform company.
Telstra Corporation reported a net profit of $4.34 billion in the 2014 financial year.
