Joost, a provider of online TV, movies and music, has received a boost. The company, which operates out of offices in the U.S., the U.K., and the Netherlands, has been acquired by Adconion.
Adconion, based in Santa Monica, Calif., has acquired the technology behind Joost’s video platform, access to its content library, and the Joost trademark. It has extended job offers to about a dozen Joost employees.
The acquisition comes less than six months after Joost announced it was looking for ways to find additional revenue. In June, Joost CEO Mike Volpi said tough economic times had forced the independent, ad-supported online video platform to seek additional lines of revenue, provide online videos for cable and satellite providers, broadcasters and video aggregators, and lay off some of its employees.
That same month Joost began winding down operations and closed a Netherlands office. At that time, Matt Zelesko, vice president of engineering, took over as Joost’s CEO while still running the company’s engineering department. Volpi stepped down as CEO, but remained chairman of the board.
Before being acquired, Joost gave users a way to watch music, TV and movies over the Internet. It also allowed users to search their choices by title or category or via other people’s suggestions.
Joost founder Janus Friis said selling the company’s assets to Adconion was in the best interest of the company, since Joost has a strong platform of 200 million unique monthly users and a solid business model.
Before acquiring Joost, Adconion offered targeted video and television commercials to audiences through Adconion TV as well as other branded services through its RedLever production subsidiary.
“Adconion will continue to operate Joost.com, and will also continue to pursue Joost’s strategy of providing white-label video platforms to content owners and publishers,” said Kerry Vance Summers, a spokesperson for Adconion.