Ubroadcast expects a definitive acquisition agreement to be signed ‘shortly’, and estimates that it will take less than 10 days to close after the deal is inked.
At this point, ubroadcast isn’t disclosing all relevant details of the agreement, but the company did say that the compensation terms of the acquisition are expected to be completed entirely with restricted stock and zero debt.
Alexandria, Virginia-based iVu Media develops a Video Content Management (VCM) system that supports HD Playback technology and includes specialized DRM software. The company’s platform is capable of streaming HD quality video to end users’ desktops and mobile phones with no player to download or install, and allows clients to better monetize video content.
iVu Media is headquarted in the United States, but also boasts offices in the UK and the Middle East. Founded in the fourth quarter of 2008, the company reported revenues of less than $500,000 in 2009, with clients like Sony, Ford and Honda on its reference list.
Blending user-generated content and original programming, ubroadcast powers high-quality Internet-based live and on-demand television and radio.