London-based broadband TV platform provider Narrowstep, Inc has been sold to KIT digital. The purchase by the Dubai-based company comes a month after the collapse of a previous deal to sell Narrowstep to Onstream Media.
The deal sees KIT acquire 100% of Narrowstep’s operating assets and current liabilities in exchange for 25,000 shares of restricted KIT digital common stock. Narrowstep shareholder Granahan McCourt Capital, LLC will lend $350,000 to KIT digital in the form of an interest-free convertible note.
Narrowstep has specialised in the delivery of long-form video-on-demand and live streaming. It has used the Microsoft Silverlight player and its own content delivery services. Clients include The Outdoor Channel, The Paralympics, BBVA, and the Red Cross.
KIT digital says it has estimated Narrowstep’s current, recurring revenues to be approximately $110,000 per month.
