TELECOMMUNICATIONS giant Ericsson yesterday agreed to buy rival Envivio in a deal valued at about $125m (£81m).
Under the terms of the agreement, Ericsson will pay Envivio holders $4.10 a share. The deal is expected to close in the final quarter of 2015.
San Francisco-based Envivio, which makes software to process and distribute internet protocol-based video, will join Ericsson’s TV and media business.
Telecom companies and content providers use the software to provide consumers with video on a range of devices, from smartphones to laptops. Its software uses video compression and IP video networking technology that runs on industry standard hardware.
Ericsson shed jobs this year as it moved from a hardware provider into a global leader in