Singapore-based video streaming startup Viki to be acquired by Japan's Rakuten for S$255m
Singapore-based video streaming platform Viki is set to be purchased by a Japanese internet giant in what is believed to be the biggest acquitision of a local start-up in recent history.
Viki's chief executive and co-founder, Razmig Hovaghimian, confirmed the acquisition by Rakuten, a Japanese e-commerce giant, although he declined to give a price for the purchase. Sources with knowledge of the situation said the deal is worth US$200 million (S$255 million), US tech website AllThingsD reported.
Rakuten is best known for its Kobo e-book service which it acquired last year.
"There are a striking number of synergies and shared philosophies between our two businesses; the Viki model is built on a powerful community, focused on removing the language barriers that have traditionally trapped great content inside geographical borders," said Rakuten's chief executive, Hiroshi Mikitani, in a statement.