Rovi To Acquire VeveoSanta Clara, Calif. — Rovi said Monday that it has entered into a definitive agreement to acquire Veveo, a provider of personalized entertainment discovery solutions based in Andover, Mass. 2/24/2014 11:40:00 AM Eastern
Santa Clara, Calif. — Rovi said Monday that it has entered into a definitive agreement to acquire Veveo, a provider of personalized entertainment discovery solutions based in Andover, Mass.
Rovi said it will pay approximately $62 million in net cash at the closing and up to $7 million in additional cash payments based on achievement of certain agreed-upon milestones.
“MSOs, device manufacturers and social-media companies recognize the value and opportunity in taking today’s static discovery and recommendation engines to the next level by incorporating intelligent data, contextual search, predictive analytics, semantic technologies and natural language controls,” Rovi stated.
The transaction combines Veveo’s personalization and contextual search tools with Rovi’s search and recommendation engine and metadata to create a differentiated entertainment discovery solution.
Veveo’s technologies include proprietary, Knowledge Graph-driven semantic technologies and natural-language controls that enable the implementation of intuitive search and recommendation interfaces operated by voice-based conversational commands and powered by an engine that continually learns and adapts to the needs and tastes of the individual viewer.
Rovi said that by helping to drive contextual and personalized entertainment search and recommendations, Veveo’s capabilities simplify the process of connecting consumers to the TV programming and movies that are most relevant to them at any given moment across a range of devices.
Veveo solutions have been adopted by leading device manufacturers and Tier-1 service providers. The company has more than 80 patent applications filed and 50 patents granted to date.
“The Veveo acquisition will deepen Rovi’s Cloud-based search and recommendation capabilities, enhance our entertainment metadata and guide solutions with next-generation semantic capabilities, and help us grow our advertising and analytics offerings,” said Tom Carson, Rovi president and CEO. “Veveo has developed a great set of technologies and is a clear strategic fit for where we are going as a company. This transaction positions us for leadership in search and recommendation, which is consistent with our stated focus on establishing leadership in targeted market segments. 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.”