Net Insight has announced the sale of its consumer streaming business Sye to Amazon for SEK 350 million in cash.
The company announced its plans to divest Sye last month, stating it expected to sell to a Fortune 500 company.
Amazon has already deployed Sye in some of its live streaming services as a customer of Net Insight.
The transaction, which closed today, will see all of Sye’s employees transfer to Amazon.
According to Net Insight, the divestment allows it to increase focus and investments in its core B2B Media Networks business area as well as competencies gained while developing and launching Sye, for example, related to virtualized software and Cloud-based technology.
