Management at Ooyala has completed its buyout of the cloud-based TV and video platform from Telstra.
Under the agreement, the Australian telco will continue to take services from the company as part of its Telstra2022 strategy.
“The management team is excited to take on this next chapter in Ooyala’s growth,” said Jonathan Huberman, CEO of Ooyala. “We will continue to invest in Ooyala Flex Media Platform to increase our market-leading position in video streaming and media logistics.”
Ooyala’s Flex Media Platform suite is used by companies including Audi, Chelsea FC, Dell, National Rugby League of Australia, PGA, Starhub, Sky Sports and Turner.
Telstra had bought into Ooyala in two stages in 2012 and 2014, having described the streaming technology as being the “next YouTube”. Subsequently, Ooyala lost a third of its value leading Telstra to take an A$246 million hit on its investment.
