PRAGUE, CZECH REPUBLIC — (Marketwire) — 10/05/09 — KIT digital, Inc. (NASDAQ: KITD), a leading global provider of on-demand software solutions for managing and monetizing Internet Protocol (IP)-based video assets, has executed separate definitive agreements to acquire two of its leading competitors, Nunet AG of Cologne, Germany and The FeedRoom, Inc., based in New York City.
Nunet was acquired from IMG Worldwide, Inc. and is considered a premier global provider in the management and delivery of video on mobile devices, while The FeedRoom is a venture capital-backed, privately-held market leader in live video and digital asset management for corporations.
“Nunet and The FeedRoom complement and substantially expand our client base, core capabilities and our commitment to serving video to the ‘three screens’ of the mobile device, browser and television through an IP set-top-box,” said KIT digital’s chairman and CEO, Kaleil Isaza Tuzman. “We expect these acquisitions to be immediately accretive to our financial results and provide substantial synergies in terms of business development, platform technology, geographical footprint and overall growth potential.”
The acquisition of Nunet adds a number of major international clients to the KIT digital roster. A wide range of global mobile network operators use its MobileTV digital asset management system, including Mobilkom, Proximus, SFR, Vodacom and Vodafone Group. Nunet also works with major broadcasters and content producers like Discovery Channel, Eurosport International, Fashion TV, IMG Worldwide and MTV Networks.