Net Insight has announced plans to sell off Sye, its consumer streaming business.
According to the company they expect to sell the business for SEK 350 million in cash to a “Fortune 500 company,” with the transaction due to complete in the coming weeks.
Net Insight said it has decided to divest the business as it has more of a consumer focus, while it views itself as a B2B company.
“The fact that a Fortune 500 company wants to acquire Net Insight’s internally developed consumer streaming solution is a proof point of our ability to develop world-class video transport solutions,” said Gunilla Fransson, chairman of the board of Net Insight. “Sye has accelerated Net Insight’s transformation to an advanced media technology company and has added invaluable competencies that will remain with Net Insight also after the divestment.”
Net Insight said the divestment will allow it to increase focus and investments in its core B2B media transport business.