SOURCE: CloudStream Media Inc.
SAN FRANCISCO, CA and DUBAI, UNITED ARAB EMIRATES--(Marketwired - Mar 10, 2014) - CloudStream Media Inc. ("CloudStream"), a Silicon Valley based provider of cloud-based content & technology services, announced today that it has completed the acquisition of JadooTV Inc., Pearl Media Group Ltd., and Altair Technologies Ltd. creating a vertically integrated powerhouse of Over-The-Top (OTT) content services targeting multicultural consumers.
CloudStream completed key acquisitions earlier this month merging JadooTV Inc. the leading OTT provider of South Asian content & streaming devices, Pearl Media Group Ltd. a multicultural content aggregator, and Altair Technologies Ltd. an OTT focused software development & technology firm. The acquisitions catapults CloudStream in its quest to be the dominant multicultural OTT provider, gaining access to a well-known OTT brand (JadooTV), the largest South Asian user-base in excess of 1 million viewers, key content deals and proprietary technologies.
"The capital injection and merger of leading OTT companies will better enable us to grow our global customer base and offerings with integrated content services, solutions and technologies," said Sajid Sohail CEO of CloudStream Media Inc.
The company also announced that Sajid Sohail, CEO of JadooTV Inc., will take charge as CEO of CloudStream Media Inc., while Rick Bottomley will assume charge as the CFO.
"The acquisition by CloudStream creates significant value for our content partners. The collective capabilities of the merged companies will enhance our content delivery capabilities as well as enrich the end-user experience," said Faisal Aftab, CEO, Pearl Media Group Ltd.
Online video streaming services such as YouTube, Netflix, Hulu, Crackle, and Amazon Instant Video have gained popularity in recent years as surveys suggest that users are increasingly watching an average of 2-3 hours of TV and video content on tablets and other connected devices. The recent acquisitions positions CloudStream in the forefront of the second screen content consumption trend. The company plans to launch numerous services on Internet connected devices such as smart TVs, tablets, set-top boxes, gaming consoles, and mobile devices.
About CloudStream Media
CloudStream Media Inc. is a cloud-based content & technology services company serving multicultural customers worldwide across all media channels and devices. CloudStream owns and operates JadooTV™ as an Over The Top (OTT) streaming service consisting of Live TV and On-Demand content, targeting the South Asian diaspora worldwide through Internet connected devices such as smart TVs, tablets, set-top boxes, gaming consoles, and mobile devices. CloudStream is privately held and backed by Intel Capital.
About Jadoo TV
JadooTV is a consumer technology and services company based in Silicon Valley, committed to delivering Live and On-Demand content to viewers via its proprietary Internet based set-top box (STB) and Android Tablet. JadooTV is the leading distributor of internet based South Asian television content, bringing Television, Movies, and Music to South Asian diaspora from India, Pakistan, Bangladesh, Afghanistan, Nepal, and Middle East.