TiVo acquires start-up Strangeberry
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Digital video recording company TiVo announced Tuesday that it purchased start-up Strangeberry for an undisclosed sum in equity. San Jose, Calif.-based TiVo is acquiring intellectual property assets and engineering staff from Strangeberry, which has been using home networking and broadband technologies for content delivery and other entertainment services on televisions. The deal allows TiVo to step up a strategy, which it outlined at the Consumer Electronics Show earlier this month, of expanding the TiVo service beyond digital video recording.
TiVo separately announced the issuance and sale of 8 million shares of common stock at $9.30 per share to institutional investors managed by a firm headquartered in Boston. Proceeds of the offering will go toward general corporate purposes, primarily to fund sales, marketing and customer acquisitions as well as research and development, capital expenditures and working capital.
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