Net Insight has named Amazon as the buyer of its Sye consumer streaming business for approximately SEK 350 million in cash and said the transaction has been completed. It had announced that it had found a buyer in December but said at the time only that it was a Fortune 500 company.
The Swedish company said Sye technology solves fundamental issues for B2C streaming distribution and Amazon has already deployed Sye in some of its live streaming services as a customer.
Net Insight said 100 percent of the shares in Sye, which holds all the relevant intellectual property rights, contracts and about 30 employees and consultants, have been transferred to Amazon. The estimated net profit from the transaction will be some SEK 200 million in the first quarter of 2020.
Net Insight will now increase its focus and investments on its core B2B Media Networks business area and competencies gained while developing and launching Sye, for example, related to virtualised software and cloud-based technology. It will accelerate efforts to grow in attractive market segments such as internet-based transport, remote/distributed production and cloud networking products.
