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KIT Digital, the online video provider formerly known as Roo, has acquired privately-held Visual Connection, a Czech Republic-based digital media and IPTV solutions provider in Europe and the Middle East markets. The deal price: $2.5 million, paid in cash and another $7.5 million in KIT digital common shares or cash over a 24-month period.
Visual Connection offers content digitization, localization and IP-based editing, storage, video players, and content streaming, as well as set up of digital network operations centers for TV broadcasters. It generated an estimated $13.0 million in revenues and more than $1.0 million in EBITDA during the trailing 12 months ended August 31, 2008. KIT moved to Dubai early this year and changed its name from Roo, following management changes. More details in release.