SOURCE: KIT digital

KIT digital

December 10, 2009 08:00 ET

KIT digital and Latinstock Join Forces in Latin America

Joint Venture Agreement Expands KIT digital's Presence in Brazil, Mexico and Other Key Latin American Markets

PRAGUE, CZECH REPUBLIC and BUENOS AIRES, ARGENTINA and SAO PAULO, BRAZIL--(Marketwire - December 10, 2009) - KIT digital, Inc. (NASDAQ: KITD), a leading global provider of on-demand software solutions for managing and monetizing Internet Protocol (IP)-based video assets, has formed an operating joint venture agreement with Buenos Aires and São Paulo-based, Latinstock Digital LLC, to jointly market products and services to clients in Latin America and throughout the KIT digital global network, effective immediately.

Latinstock Digital is a subsidiary of Latinstock, a commonly owned consortium of companies based in Brazil, Chile, Mexico, Argentina, Colombia, Spain and other Latin markets. Latinstock, founded in 1986, is the largest and most diversified content distributor for the advertising and editorial industries in Latin America. It maintains local subsidiaries in nearly every national market in the Spanish-speaking world, as well as Brazil, and has long-term alliances with key producers in the digital content industry globally, such as Corbis Corporation, Magnum Pictures, and Image Source.

Latinstock serves thousands of clients in Argentina, Brazil, Chile, Colombia, Dominican Republic, Ecuador, Mexico, Peru, Spain, Uruguay, Venezuela and other regional markets. In the digital asset management sphere, existing Latinstock partners include Data Stock, Mambo Post, MP Advanced and Global Encode.

"This new multi-year partnership is a key milestone on our path to expansion in Latin America, and serves as an example for the types of integrated partnerships which are emerging from our recently formed KIT Partners program," said Kaleil Isaza Tuzman, chairman and CEO of KIT digital.

"Several members of our management team, including myself, have deep personal roots in Latin America," continued Isaza Tuzman. "We have a track record and a particularly keen interest in realizing business opportunities in this region, which is experiencing rapid economic growth and a veritable boom in broadband and 3G mobile network penetration. In fact, Brazil alone is projected to be the world's fifth largest economy by the year 2016. Latinstock brings nearly 25 years of experience in digital asset management and is the quintessential 'feet on the street' regional partner with hundreds of staff members in 10 countries in the region."

According to Marcelo Brodsky, president and founder of Latinstock: "As a company which started without any outside capital and has grown 'the old-fashioned way' for more than two decades, it says a lot for us to enter into this agreement with KIT digital. We found the right match with Corbis many years ago as the image management market was transforming, and we are confident we have now found the same with KIT digital as the video management market undergoes its own transformation. The maturity and discipline of the KIT digital team, in addition to the market-leading position and deep product capabilities of the KIT VX digital asset management platform, were key drivers for us in embarking on this important partnership."

The agreement will initially focus on the territories of Brazil, Argentina, Mexico and Chile, with opportunities to widen the scope during the early stages of implementation. Under the agreement, KIT digital will serve enterprise Latinstock clients and client prospects that require on-demand, hosted video asset management and Latinstock will serve KIT digital clients and client prospects that require photographic content, film footage, video encoding, transmission and decoding, video production and post-production services. This combined menu of services will be jointly marketed by KIT digital and Latinstock Digital through a common sales force, using common sales collateral.

Added Brodsky: "This strategic partnership is very timely in terms of the development of our business and the markets where we operate. Over the last few years, Latinstock Digital has developed from a well-known provider of editorial and advertising assets to a true content and asset management partner for our clients. A large and increasing portion of that content is video, so by partnering with KIT digital we are now able to offer a much broader range of IP video and digital asset management solutions."

KIT digital will manage and service its partnership with Latinstock through KIT digital's New York and Buenos Aires offices under the direction of Carlos Deane, KIT digital's head of business development for Latin America and the Caribbean.

About Latinstock Digital LLC
Latinstock Digital is the Digital Asset Management Division of Latinstock, a leading content management and distribution company in Latin America and Spain. Latinstock, founded in 1986, has offices in 10 Latin American cities and in Madrid, Spain. Most major newspapers, publishers, media networks, advertising agencies, designers, and production companies in Latin America and Spain rely on Latinstock to license and digitally distribute content. Clients include traditional and digital ad agencies, publishing groups, TV and radio networks, and content production in the Spanish speaking markets and Brazil. Main offices are in Buenos Aires, São Paulo, Madrid, Mexico City, Santiago, Lima, Bogotá, Caracas, Lima, Quito and Miami. For additional information, please visit

About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a leading, global provider of on-demand, Internet Protocol (IP)-based video asset management solutions. KIT VX, the company's end-to-end software platform, enables enterprise clients to acquire, manage and distribute video assets across the three screens of today's world: the personal computer, mobile device, and IPTV-enabled television set. The application of VX ranges from commercial video distribution to internal corporate deployments, including corporate communications, human resources, training, security and surveillance. KIT digital's client base includes more than 600 enterprise customers across 30+ countries, including The Associated Press, Best Buy, Bristol-Myers Squibb, Disney-ABC, General Motors, Google, IMG Worldwide, Intel, McDonald's, News Corp, Telefonica, the U.S. Department of Defense, Verizon, and Vodafone. KIT digital maintains principal offices in Prague, Cologne, Dubai, London, Melbourne (Australia), New York, Stockholm and Toronto. For additional information, please visit

KIT digital Forward-Looking Statement
This press release contains certain "forward-looking statements" related to the businesses of KIT digital, Inc. which can be identified by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development and commercialization, the ability to obtain or maintain patent and other proprietary intellectual property protection, market acceptance, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our public filings with the U.S. Securities and Exchange Commission. KIT digital is not under any obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contact Information

  • KIT digital Contact:
    Daniel Goodfellow
    VP, Marketing and Communications
    Tel. +1-646-873-3086
    Email Contact

    KIT digital Investor Relations Contact:
    Matt Glover
    Liolios Group, Inc.
    Tel. +1-949-574-3860
    Email Contact

    Latinstock Digital Contact:
    Maria Esther Bale
    (Buenos Aires)
    Tel: +54 11 4788-5500
    Email Contact

    Fabio Pellim
    (São Paulo)
    Tel: +55 11 3097-3000
    Email Contact