RIGA & TOKYO—Veset has announced it has been acquired by the Japanese media technology company, PLAY, Inc.
Under the terms of the deal, Veset will operate as a wholly-owned subsidiary of PLAY and continue to develop solutions for cloud playout and channel management. Financial terms were not disclosed.
PLAY uses video distribution technology and a wide range of associated services to help companies in the media, content, and enterprise fields advance their digital transformation. PLAY has worked with Veset for a number of years and has already integrated Veset Nimbus into its own KRONOS cloud playout service for the Japanese market.
“At PLAY we place a great deal of emphasis on the value that can be delivered to viewers,” explained Kazumichi Kuroda, CEO, PLAY. “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.”
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.
Following the acquisition, Gatis Gailis, co-founder and former CTO, has been appointed CEO of Veset.
“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,” he said. “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 that “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.”
Veset said it will be announcing further updates and features for its Nimbus solution in the coming weeks and months.
