Samsung Acquires Startup Boxee For A Reported $30 Million
Samsung has purchased the New-York based DVR startup, Boxee, for a rumored $30 million. Though the acquisition has been confirmed, the price has not.
“Samsung has acquired key talent and assets from Boxee,” the firm said in a statement. “This will help us continue to improve the overall user experience across our connected devices.”
If this sale was indeed at or around $30 million, Boxee has seen a bit of a loss, since, according to CrunchBase, their total funding is $26.5 million. On the plus side, the company currently has roughly 45 employees, who will stay on and work with Samsung following the acquisition.
Prior to Samsung’s purchase, Boxee was searching for a quick solution for its financial and support dilemma. Peter Kafka at AllThingsD said, “The Web TV startup would like to raise a big investment round, or find a buyer. It has been looking for cash or an exit since February, when it hired media banker Allen & Co., according to people familiar with the company.”
Affectionately referred to as the “cable killer,” Boxee defines its product as, “a unique DVR that records to the Internet instead of a local hard drive. The small box connects to an antenna (included), your Internet connection, and your TV to bring TV channels, DVR, and Internet Apps into the same interface.”
Currently, Boxee supports Internet apps such as YouTube, Netflix, Vudu, Vimeo, and Pandora, Spotify and more.