Mergers and Acquistions News
Categories: Software
February 23rd 2010, 17:31PM
Search giant Google has announced the acquisition of On2 Technologies, a provider of advanced video compression technologies for desktop and mobile applications and devices.
The acquisition of On2 Technologies, valued at approximately $124.6 million (£80.7 million), was approved by the firm's stockholders after Google offered them a combination of $0.15 (£0.10) in cash per share and Google Class A common stock.
Sundar Pichai, vice-president of product management at Google, said the company is "excited" to welcome the On2 team to Google in a deal which will enhance the video experience for web users.
"Through rapid innovation in browsers and web standards, the internet is becoming the leading platform for development," he commented.
"We believe On2's engineering talent and technology will be an incredible asset for us as we work to improve this platform."
Google has also recently acquired reMail, a popular iPhone search application originally developed by one of Google's own employees.
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