The head of the video technology service provider, Ooyala, has spoken about the company’s plans after Telstra Corporation relinquished its grip of the company.
Ooyala is now owned by its management. This development follows Telstra’s writing down of the US-based company’s value to zero.
After its acquisition of the firm which was founded in Silicon Valley, the management team of the former division of Telstra remarked that it is looking forward to carrying on being a world-class support for its global customers.
In addition, Ooyala is anticipating sustained revenue expansion as driven by the market adoption of Ooyala Flex Media Platform, its flagship offering.
Jonathan Huberman, chief executive officer of Ooyala, cited that as a company, they will continue their investments in Ooyala Flex Media Platform as the aim to increase their market-leading post in media logistics and video streaming.
To further expedite company expansion, he said that they are also looking into opportunities for acquisition through private equity investor collaborations and using their own resources.
The Ooyala Flex Media Platform facilitates customers and its partners to link and manage the whole content supply chain.
Global media brands like Sky Sports, Chelsea Football Club, Dell, Audi, the Professional Golfers’ Association, and the National Rugby League of Australia are reported to use the platform.
Ooyala’s significant capabilities concentrate on TV-grade live streaming, cross-device playback and monetization, content creation driven by insights, and Multimedia Asset Management-based content management.
The company’s administration believes that these properties of the service will also help drive revenues.
In an official statement, Telstra remarked that it will continue to be a valued customer and go-to-market collaborator for Ooyala after the sale.
In 2012 and 2014, Australia’s largest telecommunications service provider purchased Ooyala in two stages.
To completely acquire the American firm focused on video platforms, Telstra shelled out A$500 million (almost $357 million) in total. Ooyala, hence, became Telstra’s subsidiary.
Ooyala was viewed as a startup that could compete with the ascendant YouTube. It develops software for video-streaming on tablets, computers, and smartphones.
By 2016, the value of Telstra’s ancillary nosedived to less than A$250 million (almost $179 million) after several dispiriting years.
In February of this year, Telstra announced that it would write off Ooyala’s remaining book value.