5 August 2009 18:07 GMT / By Amy-Mae Elliott
Google has announced it is to acquire On2, a company described as a leading developer of video compression technology. The transaction - which will be stock-for-stock - is valued at around $106.5 million."Today video is an essential part of the web experience, and we believe high-quality video compression technology should be a part of the web platform", said Sundar Pichai, vice president, product management, Google in a statement.
"We are committed to innovation in video quality on the web, and we believe that On2's team and technology will help us further that goal".
In a blog post, Google explains the purchase: "Because we spend a lot of time working to make the overall web experience better for users, we think that video compression technology should be a part of the web platform".
The transaction is subject to On2 stockholder approval and regulatory clearances and is expected to close in the fourth quarter of 2009.
Software, Biz, Google, Acquisitions, On2
Nikon D800 pictures and hands-on Full frame camera in the flesh
Nikon D700 vs Nikon D800 New and improved?
BlackBerry PlayBook 2.0 demoed, Bridge 2.0 gives remote control Coming in February
