Google Buys Video Compression Company For $106.5 Million
In a press release distributed by video compression company, On2 Technologies, Google will be acquiring On2 for approximately $106.5 Million USD.
“Today video is an essential part of the web experience, and we believe high-quality video compression technology should be a part of the web platform,” said Sundar Pichai, Vice President, Product Management, Google. “We are committed to innovation in video quality on the web, and we believe that On2’s team and technology will help us further that goal.”
CEO of On2, Matt Frost, went on to state,
“After intensive review of On2 products, Google confirmed our long-held beliefs as to the quality of our video technologies. This transaction is a testament to the hard work of every On2 employee and the strongest possible endorsement of our products and people. On2 will continue to improve, support and sell our products throughout the transition. We believe that Google shares our ambitions and know that our products and expertise, combined with Google’s globally recognized brand, ingenuity and resources, will create an incredible team.”
While of course it’s unknown exactly what Google will be doing with its new asset, one things for sure; better video.
If you would like to read the official press release, click here.
