One of the world leaders in online video technology, Switch Media, today announced its acquisition of Swedish based media systems integration consultancy, Mediasmiths AB, as part of its growth plans for the European market.
The merger will deliver comprehensive solutions, from consultation through to delivery and ongoing services for broadcasters and content owners throughout Europe.
Switch Media CEO, Mark Johns, said Mediasmiths AB was a tremendous business with great people that presented Switch Media with a solid platform to expand into the European market.
He said: “Europe is well and truly at the inflection point with rapid growth expected over the next few years, with Western Europe OTT TV episode and movie revenue set to hit more than $23 billion by 2023.
“This is almost double the revenue of last year, which sat at around $12 billion across 18 countries.
“It makes sense for us to have a strong presence in Europe as part of the wider global expansion plans that we have embarked on in recent times and Mediasmiths AB presents an ideal way for us to grow”.
Mr Johns said the addition of Europe to Switch Media’s global footprint now sees the company in seven markets including Australia, New Zealand, India, United States, Africa and Asia.
Mediasmiths AB has built an impressive client list of major broadcasters, content owners and service providers, as a result of its expertise in media workflows, integrating broadcast systems, bespoke software development and its advancement in using artificial intelligence and machine learning to deliver innovative media services.
Mr Johns also said: “Mediasmiths is a well-established consulting company which, much like Switch Media, has developed a strong track record in delivering great results on the toughest of projects for its customers.
“Through their contribution in defining and implementing the cloud architecture for our server-side ad insertion solution, AdEase, it was apparent that the expertise at Mediasmiths was complementary to Switch Media and that we shared similar team values of integrity and innovation.
“It was clear that integrating the two companies presented greater growth prospects and would also deliver significant benefits to the customers of both.
“The larger organisation we become as a result of the acquisition, will allow us to provide more depth to the current services and products offered by both teams”.
Other than being renamed Switch Media, the company will continue operating the business as usual for the immediate future.
The team will remain in the Stockholm office and all existing business relationships will be fully supported and serviced as per usual.
Mediasmiths AB was formed in 2011 as a wholly owned subsidiary of Mediasmiths International before becoming independently owned after a management buyout in 2014.
The acquisition does not include Mediasmiths Asia Pacific, another independent company, based in Australia.
While the business shared the name and branding conventions with the Mediasmiths AB, it is an entirely separate entity.