Following months of rumors, Los Angeles-based video streaming technology startup RayV officially announced that it has been acquired by Yahoo (S YHOO) Friday. The acquisition was announced with a post on RayV’s website, which read in part:
“We believe Yahoo will be a perfect fit for our people and capabilities, as Video and Mobile offerings are a central part of Yahoo’s vision. Yahoo’s global scale and broad content base, combined with its amazing leadership and appetite for success, creates an ideal environment for our team to thrive and be pushed to the next level.”
Financial details of the acquisition haven’t been released.
RayV was founded 8 years ago in Israel, but eventually relocated its corporate leadership to Los Angeles, with R&D still being conducted in Tel Aviv. The company has been developing technology to facilitate live and on-demand video streaming, including a proprietary player and a cloud-based video platform. Some of the company’s clients and partners included the NBA, DirecTV and Blizzard Entertainment, according to a Google-cached part of its website.