KIT digital Closes Previously Announced Acquisition of Hyro Assets
The acquired Hyro assets generated revenue of approximately AUD$22 million in 2011.
KIT digital has elected to pay consideration of AUD$2.0 million in cash and 1.84 million shares of KIT digital common stock, subject to adjustment under certain conditions. The cash component of the acquisition price is offset by an equivalent amount of restricted and unrestricted cash on the Hyro balance sheet.
"We are pleased that Hyro shareholders voted to approve this transaction," said Barak Bar-Cohen, CEO of KIT digital. "We expect the combination of our respective video software and service offerings to unlock a significant commercial opportunity in the Asia-Pacific region (APAC), and to further benefit our existing tier-one customer base."
Nicole Dixon, Managing Director of Asia-Pacific for KIT digital, added: "APAC is an area of strategic expansion for us. We believe macro trends in the region will continue driving increased demand for the KIT Video Platform, our cloud-based video asset management system, from network operators and media companies throughout APAC, particularly in the rapidly expanding emerging markets of Southeast Asia. We seek to leverage Hyro's resources in support of current and future deployments there and across the wider region, where the skilled and experienced resources of Hyro will assist in fulfilling the needs of our combined pipeline."
About Hyro Limited
Hyro (ASX: HYO) is a leading Australian technology company that delivers enterprise level online and mobile solutions to the telecommunications, broadcast, retail, finance and government sectors. The company provides strategy, development, systems integration and managed services across a range of digital content technologies and solutions in content, video and live streaming across multiple devices. Hyro has offices in Melbourne, Sydney, Brisbane and Bangkok.
SOURCE: KIT digital, Inc.
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