Rovi Acquiring Veveo, Creating Search and Discovery Powerhouse
Look for some innovative search solutions to come out of this: Digital entertainment company Rovi announced that it will acquire personalized search technology company Veveo for $62 million in cash, with the possibility of up to $7 million in further cash payments if agreed-upon milestones are met. The acquisition should close shortly.
The two companies have search solutions that work in different ways, so the combination could yield some useful results. Rovi's search and discovery tools are supported by rich metadata for millions of TV shows, movies, sports programs, songs, games, and books. Its database of metadata covers 55 countries.
Veveo, on the other hand, specializes in natural language controls and semantic technologies. Rich with intellectual property, the company has been grated 50 patents and has applied for more than 80. Veveo's goal is helping viewers find entertainment that's relevant to them.
The combination brings forward-thinking semantic search options to Rovi's cloud-based search and recommendation tools.
"Veveo has developed a great set of technologies and is a clear strategic fit for where we are going as a company," says Tom Carson, Rovi's president and CEO. “Rovi is enhancing its capabilities to deliver more and better discovery solutions, as our customers look to personalize the consumer entertainment experience across multiple screens and platforms.”
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