Finnish PE/VC News
Nexit Ventures Portfolio Company Octoshape Acquired By Akamai
Octoshape to provide Akamai unique video optimization technology designed to enable superior IP broadcast experiences
Helsinki - April 14, 2015 - Nexit Ventures announced today that Akamai Technologies, Inc. acquired Octoshape in a cash transaction on April 6, 2015. Octoshape’s services are designed to help optimize the quality of video streams for over-the-top (OTT) content and to enable Internet Protocol television (IPTV) solutions.
”It is a great pleasure to see a small Nordic technology innovator enable new consumer behavior and become a global player in the rapidly growing over-the-top video streaming market”, said Michael Mandahl, General Partner at Nexit Ventures. ”We at Nexit are very happy that Octoshape team and technology has found its natural place to develop to the next stage." Nexit Infocom II was the largest shareholder of the company.
“By joining forces with Akamai, we believe our joint customers will benefit from unsurpassed quality and reach,” said Michael Koehn, CEO of Octoshape. “Combining Akamai’s industry-leading content distribution network with Octoshape’s video optimization technologies is intended to help businesses supercharge their online services to meet consumer demand. The Octoshape team is proud of the technology it has built over the years, and looks forward to evolving that technology to the next level with Akamai.”
Video streaming and downloads are consuming currently 68 percent of all Internet bandwidth globally and is predicted to grow to 80 percent within next few coming years. The rapid changes in consumer behavior where more and more video content is browsed with tablets, smartphones and other internet connected devices is challenging mobile operators and internet services providers in matching the user demand of flow less HD video experience.
The patented Octoshape Infinite technology optimizes the transport of video through the Internet. It is built to increase the quality and stability of video and also provides significant advantages by reducing the amount of video traffic over the Internet. For consumers this means the highest quality video experience in the market, while helping the Internet handle the huge increase in Internet delivered video traffic.
Octoshape, a private company with over 40 employees, was established in 2003. Under terms of the acquisition agreement, Akamai will acquire all of the outstanding equity of Octoshape in a cash transaction. Octoshape is another concrete example of Nordic start-up market becoming a vital part of the global tech startup environment.
General Partner, Nexit Ventures
+46 708 752 296
Octoshape is a revolutionary cloud OTT IPTV service provider that focuses on delivering broadcast, enterprise, and carrier solutions. Octoshape’s cloud technologies are adopted worldwide to enable the evolution of broadcast TV to broadband TV. The company’s patented stream acceleration platform combined with its suite of multicast technologies offer unparalleled stream quality, global reach, and network efficiency to deliver a consistent and cost-effective TV viewing experience for broadband multiscreen, point-to-(multi)-point contribution and enterprise delivery. For more information, visit www.octoshape.com
About Nexit Ventures
Nexit Ventures is a mobile venture capital firm focused on wireless technologies and services. Leveraging its extensive network in the global mobile marketplace, Nexit invests primarily in Nordic and US-based early stage companies with products and services for a global market. For Nordic mobile companies, Nexit provides a bridge to Silicon Valley markets and exit opportunities. Nexit has helped several companies to scale globally and subsequently realized several successful exits of its portfolio companies in United States, the world’s leading M&A market for technology ventures. Nexit has offices in Helsinki, Stockholm and Silicon Valley. For further information, please visit www.nexitventures.com.