Google has announced its intention to buy On2 Technologies, a developer of digital video compression software, in a deal worth $106.5 million.
As video content proliferates and increases in file volume, video compression technology could prove to be of great importance, especially to Google, which owns the video sharing website YouTube.
According to the Washington Post, the deal, which is expected to go through in the fourth quarter, will see shareholders receive 60 cents worth of Google class A shares for every share of On2 they hold.
“Today video is an essential part of the Web experience, and we believe high-quality video compression technology should be a part of the Web platform,” commented Google’s vice president for product management Sundar Pichai.
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