Shawshank, VA 6/26/12 (StreetBeat) -- KIT digital, Inc. (Nasdaq:KITD), a leading video management software and services company, today announced that it has closed its previously announced acquisition of assets from Hyro Limited ("Hyro") (HYO), the Australia-based digital solutions company. Shareholders voted to approve the transaction at Hyro's Annual Meeting on Friday, June 15, in Southbank, Victoria, and KIT digital took operational control of the assets on Friday, June 22.
The acquired Hyro assets generated revenue of approximately AUD$22 million in 2011.
KIT digital has elected to pay consideration of AUD$2.0 million in cash and 1.84 million shares of KIT digital common stock, subject to adjustment under certain conditions. The cash component of the acquisition price is offset by an equivalent amount of restricted and unrestricted cash on the Hyro balance sheet.
"We are pleased that Hyro shareholders voted to approve this transaction," said Barak Bar-Cohen, CEO of KIT digital. "We expect the combination of our respective video software and service offerings to unlock a significant commercial opportunity in the Asia-Pacific region (APAC), and to further benefit our existing tier-one customer base."
Nicole Dixon, Managing Director of Asia-Pacific for KIT digital, added: "APAC is an area of strategic expansion for us. We believe macro trends in the region will continue driving increased demand for the KIT Video Platform, our cloud-based video asset management system, from network operators and media companies throughout APAC, particularly in the rapidly expanding emerging markets of Southeast Asia. We seek to leverage Hyro's resources in support of current and future deployments there and across the wider region, where the skilled and experienced resources of Hyro will assist in fulfilling the needs of our combined pipeline."
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