Vestel has taken a 4.64 ownership stake in VIDAA as part of plans to integrate the platform into its Smart TVs and energy solutions.
The company has taken itself of a journey to move from a maker of devices and appliances to a provider of integrated solutions, where it wants to monetise the smart home market, and tap into recurring revenues from the devices it sells into the market.
Ergün Güler, CEO of Vestel, said the partnership is in line with Vestel’s global vision. “As the first Turkish company to take such a significant step in the world of TV platforms, we have achieved a major milestone in our global growth strategy. By partnering with VIDAA, the world’s second-largest TV platform, we have taken a significant step towards our international goals”.
VIDAA was spun out of Hisense, the second-largest TV manufacturer globally and the largest in China, exporting to over 160 countries. VIDAA has over 30 million connected devices globally and was the fastest growing platform in 2023 according to Futuresource Consulting.
“When we established VIDAA, we promised our partners that VIDAA will be the most open platform in the industry and will welcome all partners to join as we will never compete with our OEM partners, content providers, and advertisers,” said Guy Edri, VIDAA’s CEO.
The transaction will be completed before the end of the year.
