Amino Communications today announced its acquisition of online video specialist 24i Media in a combined cash and stock deal worth €21.4 million (approximately $24 million).
Amino is buying 7% of the issued share capital of 24i in a transaction that gives the company an equity valuation of €24.7 million ($27.8 million) and an enterprise valuation of €27.5 million ($30.9 million).
“The fast-growing 24i is a great strategic acquisition for us, moving us closer to a decisive market leadership position. Not only does 24i’s leadership in UI/UX and TV/Online video Apps complement our product line-up, but 24i also shares our vision of where the industry is headed, and the agility and culture of innovation required to get it there profitably,” said Amino CEO Donald McGarva, in a statement.
24i’s technology framework and portfolio of products and services is used by media companies, such as NPO, iflix, KPN, PureFlix, RTE, NLZIET, Fox Sports, Globo and Sinclair Broadcasting.
“In a rapidly changing industry, Amino and 24i are joining forces to innovate and create disruptive video experiences. With our combined technology stacks and highly professional and motivated teams, our post-acquisition mission remains exactly the same: to provide the solutions and services that innovate video experiences across all TV platforms on any device to enable Amino customers to deliver valuable consumer engagements,” said 24i Media CEO Martijn van Horssen, in a statement.
24i’s deal to be acquired comes not long after the company ran through a string of acquisitions itself, including buying media technology provider StreamOne earlier this year. Before that, the company acquired Mautilus, the Czech TV app agency specializing in HbbTV and applications for multiple devices. In March 2018, acquired Vigour, a multiscreen video platform provider.