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With this deal, IBM is creating a new business unit called Cloud Video Services.
News of the acquisition broke yesterday, when Fortune wrote that IBM paid $130 million for the company. IBM confirmed the deal today but declined to comment on the price.
This deal follows IBM’s acquisition of Clearleap in December. At the time, IBM also said the Clearleap deal would help it “advance” its cloud video services. Both of these acquisitions are reminiscent of Amazon’s Elemental Technologies deal; Amazon bought the video processing company in September to enhance its massive public cloud, AWS.
MetaBeat will bring together thought leaders to give guidance on how metaverse technology will transform the way all industries communicate and do business on October 4 in San Francisco, CA.
In a call with VentureBeat, IBM’s Steve Canepa — the general manager of global media at the company — cited a number of applications for the new unit, including services designed around the rise of online education and police body cameras.
Updated 8:26 a.m. PT with additional details and comment from IBM.
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