RTL Group signed an agreement to acquire control of U.K.-based video technology company Yospace Technologies Ltd. for up to $33 million before cash and debt adjustments.
The transaction is expected to close on Feb. 1, according to a Jan. 8 news release.
Under the terms of the acquisition, RTL Group will appoint three of five members to Yospace's board. Yospace CEO Tim Sewell and Chief Technology Officer David Springall will continue to manage the day-to-day operations of the company and report to its board.
RTL Group expects the acquisition to build its Total Video portfolio, create local streaming champions and grow its ad-tech business.
"This new relationship with RTL Group will not only allow us to extend our customer base to all entities of the biggest European broadcast and video network, but RTL Group is also fully committed to support the further rollout of our services to bring more innovative products to media owners around the world," Sewell said.