Google just released to press a shaking news related to video -technology and -market on the Internet. Google will acquire On2, a leading developer of video compression technology. The transaction is valued at approximately $106.5 million.
Sundar Pichai, Vice President, Product Management, Google says “Today video is an essential part of the web experience, and we believe high-quality video compression technology should be a part of the web platform, ” and adds “we are committed to innovation in video quality on the web, and we believe that On2′s team and technology will help us further that goal.”
“We’re thrilled that On2 is joining one of the world’s most innovative companies,” said Matt Frost, interim CEO of On2. “After intensive review of On2 products, Google confirmed our long-held beliefs as to the quality of our video technologies. This transaction is a testament to the hard work of every On2 employee and the strongest possible endorsement of our products and people. On2 will continue to improve, support and sell our products throughout the transition. We believe that Google shares our ambitions and know that our products and expertise, combined with Google’s globally recognized brand, ingenuity and resources, will create an incredible team.”
I can tell you that this acquisition will give Google extra-power to innovate in video quality and change video usage on the Internet.