Broadcast business management solutions provider Pilat Media announced that it has acquired from SimpleStream the 40% of OTTilus Limited that it did not already own.
OTTilus was created in 2012 as a joint venture between Pilat and SimpleStream in order to develop an enterprise class end-to-end OTT platform to support streaming, catch-up and VoD services offered by TV operators and broadcasters over the Internet.
Pilat will now own the OTTilus platform in its current state and will receive co-ownership rights in the deliverables.
According to the terms of the deal, the amounts paid and payable by Pilat to SimpleStream as part of the 2012 JV agreement and this new deal to acquire the remaining 40% of the venture, total approximately £500,000. Pilat will also pay SimpleStream a royalty of 3% on its revenues for the next three years, up to a maximum of £500,000.
Bob Lamb, previously Pilat Media’s CTO, has been appointed as the Managing Director of OTTilus.
Avi Engel, CEO of Pilat Media, said: “We are extremely pleased that we have been able to reach this outcome for our new OTTilus subsidiary. With the product’s development close to completion and its launch imminent, we believe OTTilus and the Company can now benefit from the simplified 100% ownership structure.”
Press Release: Pilat Media to acquire remaining shares in OTTilus
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