New Delhi, Aug. 26 -- Minute Media, a New York-headquartered technology and sports content company, has reached a definitive agreement to acquire Bluestone Equity Partners-backed VideoVerse, which operates an AI-driven SaaS technology platform Magnifi.
The companies didn't disclose the financial terms of the transaction in a statement but said that VideoVerse's investors, including Moneta Ventures, Bluestone Equity and Evolvence, will receive shares in Minute Media as part of the deal. The company had last raised around $45 million in growth funding from Bluestone in December 2023.
Minute Media also plans to invest more than $45 million as part of this acquisition over the next three years to establish an AI centre of excellence and expand R&D operations in India. The centre will focus on advancing next-generation AI video capabilities, attracting professionals, accelerating recruitment efforts, and increasing VideoVerse's employee base by over 20%.
VideoVerse's Magnifi platform enables content owners and rights holders to automatically detect key moments, create highlights in real time, and distribute compelling short-form video content efficiently. Some of its clients include the Indian Premier League, FIFA+, Indian Super League, Women's Premier League, Nippon TV, and Cubber TV.
Upon completion of the transaction, Minute Media plans to deploy a fully integrated creation, distribution, and monetisation solution, furthering its strategic partnerships with teams, leagues, and federations around the world.
Additionally, existing Magnifi clients will be able to leverage Minute Media's distribution and monetisation solutions to improve ROI for their video assets, the company said in a statement.
Founded by Vinayak Shrivastav, VideoVerse's Magnifi helps partners quickly deliver key moments to fans across platforms, capturing the essence of the game with unmatched speed and precision.
"We explored interest from several top-tier players in the global sports and media space, but joining forces with Minute Media felt like a natural alignment. It was a strategic choice; carefully considered after evaluating the market landscape and identifying the strengths we each bring to the table," said Prateek Sharma, chief strategy officer at VideoVerse.
Published by HT Digital Content Services with permission from VC Circle.