Dubai - KIT digital, a provider of IPTV delivery technology, announced on Tuesday that it has acquired Visual Connection, a Czech Republic-based provider of digital media and IPTV services, for $2.5 million in cash plus $7.5 million in performance-based payouts.
Founded in 1991, Visual Connection offers a range of digital media production and IPTV delivery services across Europe and the Middle East, and generated $13 million in revenues and $1 in earnings for the year ended Aug. 31.
KIT digital’s clients include News Corp., Verizon, China Mobile, Telefonica and Vodafone.
KIT said the combined company will count more than 400 clients across 25 countries, and is expected to generate more than $40 million in annual revenues.
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