Online video content syndication and advertising platform Grab Media has been bought by Alternative Investment Market-listed Blinkx so that it can add incremental audience.
For London and San Francisco-based Blinkx, the transaction is its first acquisition-based deal of the year and will also augment its relationship with advertisers, publishers and content providers.
The deal sees Blinkx enter into an agreement with Grab Network Holdings, related to its Grab Media property.
Brian Mukherjee, CEO of Blinkx, comments, ‘In addition, Blinkx plans to hire the existing Grab Media team – a talented, multi-faceted group with extensive experience and relationships in online video content syndication and advertising.
‘This transaction, while modest in size, enables us to meet growing consumer demand for online video, and provides us with an established platform to distribute and monetize these interactions across desktops, tablets, smartphones and connected TVs.’
More on Blinkx:
- Suranga Chandratillake, founder of Blinkx
- Blinkx shares surge on first day of dealing
- Burst Media acquired by Blinkx
- Blinkx buys and places
According to a statement, the purchase of Virginia and New York-based Grab Media will not have a ‘material impact’ on revenue or cost base in the near term, but will serve as a catalyst for the growth of its recently-launched syndication products – such as Blinkx VideoAdvantage.
Back in November 2012, Blinkx founder and former CEO Suranga Chandratillake provided GrowthBusiness with an exclusive account of why he decided to step back from the business and ‘rekindle his passion for business’.