Technology and sports content company Minute Media has acquired VideoVerse. The deal is valued at Rs 2,500 crore ($283 million), sources told YourStory.
VideoVerse’s leading product is Magnifi, an AI-driven SaaS technology platform that enables content owners and rights holders to automatically detect key moments, create highlights in real time, and distribute short-form video content. Some of its clients include FIFA+, Indian Super League, Willow TV, and TV2, among others.
The acquisition is expected to spruce up Minute Media’s sports content ecosystem. Moreover, the company plans to deploy a fully integrated creation, distribution, and monetisation solution, which is expected to further its strategic partnerships with top teams, leagues, and federations globally.
VideoVerse’s technology is also expected to strengthen the STN Video platform for leagues and publishing partners and drive new formats across owned and operated brands like Sports Illustrated and The Players’ Tribune.
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Meanwhile, existing Magnifi clients can leverage Minute Media’s distribution and monetisation solutions.
“We are thrilled to bring the passionate teams and robust capabilities of VideoVerse into the Minute Media family to bring teams and leagues a full-stack solution from creation to distribution to monetisation. In addition, with VideoVerse’s technologies, Minute Media’s owned and operated brands, partners, and clients will experience and have the very best in AI-powered creation,” said Asaf Peled, Founder and CEO of Minute Media.
Audacity Venture Capital cashes in
Sector-specific, stage-agnostic venture capital firm Audacity Venture Capital saw a $50 million exit from its investment in VideoVerse following the acquisition.
Audacity was one of the early backers of the Magnifi maker and had invested in the company when it was valued at just $5 million, the firm said. This exit marks the first for the Delhi-based VC and is the largest media tech exit in India, according to the firm.
The VC firm is a dedicated media and technology fund that invests in startups across India and the US with expertise spanning from entertainment to sports to gaming and ad tech, among others.
Edited by Kanishk Singh
