Dubai - KIT digital (formerly ROO Group), a provider of video distribution technology, announced on Wednesday that it has acquired Sweden-based Kamera, a firm that offers delivery of IPTV channels over mobile and online platforms, for $4.2 million in cash.
The deal also calls for additional payments of $6 million in KIT stock, subject to certain performance thresholds.
Kamera provides packaging and distribution of IPTV content for partners including the Associated Press, Disney-ABC and SNTV; its content is carried by over 70 online corporate customers and 40 mobile carriers worldwide.
The company generated $2.9 million in revenues in 2007.
KIT digital, whose clients include News Corp., Verizon and NASDAQ, said the deal will vault it into the mobile TV distribution space, as well as increase its presence in Europe, the Middle East and Asia.