Taiwan-based smartphone maker HTC has made acquired UK-based Saffron Digital, part of Saffron Media Group, after striking a partnership last year.
News provider PaidContent said the investment was for £30m ($48m) and provides an exit to venture capital firms Beringea, NewSmith Capital and Duet Asset Management. Beringea made a 5.8 times return on its investment, according to news provider Unquote.
In April, Saffron Digital integrated its video delivery service in HTC’s Android operating system-based Desire handset, but also works for peers LG, Paramount Digital Entertainment, Sony Ericsson, T-Mobile and Nokia.
Peter Chou, chief executive of HTC, said: "Saffron Digital has developed an incredible expertise in mobile multimedia delivery. This ability to deliver optimised content will be a key asset as content becomes more and more complex and localised."
Shashi Fernando, chief executive of Saffron Digital, said: "HTC’s investment provides us with an opportunity to expand into new markets like Asia and new sectors like games and music delivery."
