Accedo snaps up CloverLeaf
Accedo on Wednesday struck a deal to purchase New York City-based TV app solutions provider CloverLeaf Digital.
CloverLeaf has made a name for itself providing its wares to both telco IPTV and cable operators alike with over 50 customers to date.
By acquiring CloverLeaf, Accedo will gain a suite of new TV application provisioning solutions that it will integrate into its own existing applications portfolio.
The Stockholm-based company can then extend these capabilities to its growing base of traditional Tier 1 service providers, media companies and TV platform providers, including BT (NYSE: BT), Telstra (ASX: TLS.AX), CNBC, Fox, LG (NYSE: LGL) and Roku.
This acquisition is well timed with the growing trend of consumers leveraging their broadband connections to view over the top video content from providers like Hulu and Netflix (Nasdaq: NFLX) on their television screens.
"Over the past 24 months, we have seen an accelerating pace of innovation within the TV industry from the proliferation of online connectivity to the TV set. We are just starting to see a transformation of the ecosystem for TV," said Michael Lantz, CEO, Accedo, in a press release announcing the acquisition. "By acquiring CloverLeaf, Accedo strengthens our unique position to innovate and provide attractive, next generation applications in this unprecedented evolution of the TV industry."
In order to not disrupt current operations, CloverLeaf's current team will remain in New York, giving Accedo instant presence in the city. Leading the New York office will be current Managing Partner Lawrence Brickman.
Neither company revealed the financial terms of the deal.
- see the release
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