Monday, February 22, 2010

Google Completes Acquisition of On2 Technologies

From Digital Media Wire: Google Completes $124.6 Million Acquisition of On2

Google has announced the completion of its $124.6 million acquisition of video encoding firm On2 Technologies, following a vote by On2's shareholders to approve the deal. Google said that it plans to repurchase an equal number of shares on the open market that it issued as part of the transaction, to be funded from available working capital.

"Through rapid innovation in browsers and web standards, the Internet is becoming the leading platform for development," said Sundar Pichai, vice president of Product Management at Google.

"We believe On2's engineering talent and technology will be an incredible asset for us as we work to improve this platform."

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