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Technology / Networks

Samsung buys video streaming start up Boxee

Samsung Electronics has acquired Israel-based digital recording device manufacturer Boxee for about $30m.

The start up company manufactures set-top boxes, which can record broadcasts and stream online video.

The acquisition is expected to help Samsung improve the software of its smart TV and create better video platform to work across multiple devices.

Boxee said in a statment, "Joining Samsung means we will be able to work on products that marry the best hardware and software in the TV space, products that will be used by tens of millions of people and will help to shape the future of TV.

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"We believe that over the next few years the video market will change even more than it has in the past few decades," Boxee added.

The transaction includes key talent and assets from the streaming set-top box firm, according to the electronics giant.

A spokeswoman at Samsung said: "This will help us continue to improve the overall user experience across our connected devices."

The move is part of Samsung’s expansion of the features on its Internet-connected TV sets such as the Skype video calling and the apps that directly tap streaming video content.

Boxee was founded in 2007 and secured about $26.5m funds from venture capital firms including Spark Capital, Union Square Ventures and Softbank New York.

Boxee also offers digital video recording services (DVR) to store content in the cloud that can be watched anywhere without space limitations.

The company said that the beta Cloud DVR functionality it has offered to certain Boxee TV users will be discontinued on July 10th after which the users can’t access the existing recordings.
This article is from the CBROnline archive: some formatting and images may not be present.

CBR Staff Writer

CBR Online legacy content.