KIT digital Acquires KickApps, Kewego and Kyte, Signaling Era of Video-Driven Social Media
PRAGUE, CZECH REPUBLIC and NEW YORK, NY, Jan 31, 2011 (MARKETWIRE via COMTEX) --KIT digital, Inc. (NASDAQ: KITD), a leading global provider of cloud-based video asset management solutions (VAMS) for multi-screen delivery, has separately acquired New York City-based KickApps, Paris-based Kewego, and San Francisco-based Kyte, for aggregate consideration of approximately US$77.2 million.
Summary of acquisition benefits for KIT digital:
- Acceleration of KIT's product roadmap by 12-18 months by adding several key technology and product features, including advanced social media tools (KickApps), superior mobile publishing and software development kit (SDK) features (Kyte), and behind-the-firewall and digital signage capabilities for enterprise clients (Kewego);
- KickApps' applications and development tools deepen KIT's ability to integrate new technology assets and form the foundation for accelerated client deployments;
- Support and extension of KIT's three major client verticals, adding particular expertise around transportation, automotive, manufacturing and fan-based media assets (such as sports teams and celebrity sites);
- Strong management additions to KIT's global team, including R&D and business development hubs in San Francisco and New York;
- Aggregate transaction accretive on both a trailing revenue and EBITDA multiple basis;
- Combined 2010 revenues of acquired companies is estimated to have been approximately US$25 million, the vast majority of which was derived from recurring licenses in a software-as-a-service (SaaS) business model;
- The acquired companies have been growing between 20-35% per year historically on a standalone basis;
- Quality new shareholders, including the appointment to the KIT digital board of Santo Politi, founder and general partner of Spark Capital, the venture capital firm behind Twitter, Boxee and thePlatform.
More information on KIT digital investor relations
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