MPEG-4 Startup iVast Closes

Digital media start-up iVast has quietly ceased U.S. operations, highlighting the challenging market for multimedia products based on the emerging MPEG-4 standard.

iVast continues to employ about 22 people in the United States as part of its international operations, which were purchased in January by Moirai Media Solutions, an India-based company that develops video on demand and other digital broadcast products.

Next week, Singapore-based DG2L is expected to announce that it will purchase Moirai Media and its iVast assets.

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