Net Insight divests Sye, its consumer streaming business, to Amazon for $37 million.
Net Insight, a Stockholm, Sweden-basedprovider of media networks and resource optimization services, announced closing the transaction to divest Sye, its consumer streaming business, to Amazon.
The deal was made for approximately SEK 350 million ($37.3M) in cash.
The transaction was made for 100% of the shares in the wholly owned Sye business subsidiary, which holds all relevant IPRs, contracts and about 30 employees and consultants have been transferred to Amazon.
The estimated net profit of the transaction will be some SEK 200 million in the first quarter of 2020.
The 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.
The divestment allows Net Insight to increase focus and investments in its core B2B Media Networks business area and competencies gained while developing and launching Sye, for example, related to virtualized software and cloud-based technology, will continue to benefit the company.