Sky makes $4m investment in Elemental Technologies
British telecom giant Sky has made a $4m equity investment in Elemental Technologies, a US-based software company specialising in multiscreen video delivery.
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The group said that its decision to acquire the US company, which provides software that enables broadcasters to stream live and on-demand content to laptops, tablets, smart phones and TVs, was driven by its intention to improve the service for customers watching content on internet-connected devices.
“Internet-delivered video is fundamental to Sky’s business and will continue to grow in importance as more and more customers access content across multiple screens and devices,” said Emma Lloyd, Sky’s director of corporate business development and start-up investments
The financing is part of a $14.5m Series D round of funding led by Telstra, Australia’s largest telecommunications and information services company, along with participation from Elemental’s existing investors.
“We’re pleased that our implementation of software-defined video is resonating across the industry and has the economic and strategic support of an industry leader like Sky,” said Sam Blackman, chief executive officer and co-founder of Elemental Technologies.
Sky shares were up 0.73% to 895.50p at 08:26 on Monday.