Mergers and Acquistions News
Categories: Telecoms
May 19th 2010, 12:04PM
Search giant Google has entered into an agreement under which it plans to acquire Global IP Solutions (GIPS), a Norwegian telecoms firm, for $68.2 million (£47.8 million).
The price represents a premium of 142.1 per cent over the closing share price of GIPS stock on January 11th.
GIPS is the provider of underlying processing software for voice and video calls over web networks, so the transaction is expected to enhance Google Voice and other services offered by the company.
Rian Liebenburg, engineering director at Google, said real-time video and audio communication over the internet are becoming fast-growing tools for web users.
"GIPS's technology provides high quality, real-time audio and video over an IP network and we're looking forward to working with the GIPS team at Google to continue innovating for the web platform," he added.
It follows Google's $124.6 million (£87.3 million) acquisition of On2 Technologies, a provider of advanced video compression services, in February.
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