Latvia-based Veset has been acquired by the Japanese media technology company Play for an undisclosed fee.
It will now operate as a wholly-owned subsidiary of Play and continue to develop solutions for cloud playout and channel management.
Veset’s playout solutions enable broadcasters to originate and manage professional linear channels entirely in the cloud. Veset Nimbus features a spectrum of all-in-one channel creation tools for advanced linear TV channel management. Veset works with a wide range of broadcasters, service providers, and technology partners across the world.
Gatis Gailis, co-founder and former CTO, has been appointed CEO following the acquisition. Commenting on the acquisition , he said: “Having worked with Play for a number of years, we already knew that there are a lot of synergies between our two companies, including a shared mission to enable digital transformation in the media and entertainment industry. This acquisition will help us to further develop our offerings and scale our company, especially increasing our presence across Asia”.
Igor Krol, the retiring CEO of Veset, added: “I am very proud of our team’s achievements in pushing innovation in the field of playout over the past decade. We built an amazing partnership with Play which now has been reinforced by this acquisition. Veset and its cloud playout platform are now backed by a strong strategic investor with plans to take them to the next level”.
Kazumichi Kuroda, CEO, Play, said: “At Play we place a great deal of emphasis on the value that can be delivered to viewers. Achieving that means focusing on creating high-quality services that push the boundaries of innovation. Over the past years of working with Veset, we have been impressed, not just by the technology but also by the entire team that shares the same values as us. I am certain this will be a beneficial move, not only for the two companies, but also for our shared customers and ultimately their viewers”.
Play was formed in 2010 and is the leading online video platform in Japan. Meanwhile, Veset operates globally and has customers in over 20 countries.
