Enterprise-level video platform Ooyala has been scooped up by major telecom company Telstra, the companies announced today.

Ooyala provides video services (such as publishing/encoding, custom video players, and video analytics) for some of the top media brands in the world, including Univision, Foxtel, Comedy Central, and NBC Universal. Its services are viewed as a real solution for companies that need video services that scale well beyond YouTube and Vimeo.

Telstra already owned a 23 percent stake in Ooyala and had invested $61 million in the company. As part of the deal, the telecom will pay an additional $270 million to own 98 percent of Ooyala (total purchase price was not disclosed), which will then become a subsidiary of Telstra.

Ooyala will continue to operate as a separate business under current CEO Jay Fulcher.

“With today’s news we catapult Ooyala from innovative online video start-up to market-leading cloud TV juggernaut,” Fulcher said in a statement. “As the world’s collective definition of TV and video blurs across multiple devices and a more personalized viewing experience, the technologies and measurement tools for content delivery and monetization will evolve.”

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Ooyala also said that the acquisition deal will allow the company to scale its services across the globe, as well as continue to build a video platform that caters to media brands that need to maintain both a linear TV experience as well as a presence on the web.