Google – the leader in internet search engines believes that high quality video should be part of the web platform. Continuing their effort to make the overall web experience better for people and improve video quality on the internet search engine, Google has announced a deal to buy On2 Technologies – a leading creator of high-quality video compression technology.
Subject to On2 shareholder approval, the acquisition, which is for $106.5 million, will be completed by the end of this year.
On2’s technology helps in:
- Shrinking video files
- Video encoding and publishing
- Allowing high definition images to be delivered over the internet.
On2 customers include:
- Sun Microsystems
- Move Networks
According to the Google blog post:
“We’re happy to announce today that we’ve signed a deal to acquire On2 Technologies, a leading creator of high-quality video compression technology. The deal is still subject to approval by On2 Technologies’ stockholders and review by relevant regulatory authorities, including the SEC, but we expect it to close in Q4.
Although we’re not in a position to discuss specific product plans until after the deal closes, we are committed to innovation in video quality on the web, and we believe that On2 Technologies’ team and technology will help us further that goal.”
In the meantime, Google says that nothing will change for On2 Technologies’ current and prospective customers.