WayWire is a video service that basically wants to aggregate videos from multiple source and give its users the ability to sort those videos into their own channels based on a particular topic. Over the last few months, the startup seemed to be stalling, with CEO Nathan Richardson leaving back in August and Booker stepping away from the startup entirely and donating his stake to charity.
The acquisition makes sense for Magnify, which specializes in creating an enterprise solution for video discovery for sites that don’t produce a ton of their own video content but still want a steady stream of relevant videos. Magnify is planning to keep Waywire up and running, according to AllThingsD’s report.
The report also indicates that the Waywire sale was mostly done via equity in Magnify, which makes sense considering that Waywire raised just under $2 million. We’re reaching out to both Waywire and Magnify for more information and will update this post with anything new.