TV maker Vestel is to acquire a stake in Vidaa, the smart TV operating system originally founded by Hisense.
Billed as an open platform, Vidaa offers TV users easy access to live and on-demand content with support for apps from both major global services and local broadcasters and content providers.
It’s used on over 30 million connected devices globally, including TVs from Hisense and Toshiba.
Vestel, which is acquiring a 4,64% stake in holding company Vidaa International Holdings BV, will earn a share of revenue generated by advertising on TVs using the platform.
It hopes the deal, which is expected to be completed by the end of the year, will allow it to “enrich its existing global TV platform portfolio and solidify its position in the global TV platform ecosystem.”
Ergün Güler, CEO of Vestel, said: “As the first Turkish company to take such a significant step in the world of TV platforms, we have achieved a major milestone in our global growth strategy.
“By partnering with Vidaa, the world’s second-largest TV platform, we have taken a significant step towards our international goals”.
Guy Edri, Vidaa’s CEO, added: “When we established VIDAA, we promised our partners that Vidaa will be the most open platform in the industry and will welcome all partners to join as we will never compete with our OEM partners, content providers, and advertisers.
“Our goal is to provide the best marketplace in the industry for our partners to grow. With Vestel joining Vidaa today it shows how open we are to bring in additional partners to join Vidaa.
“We are proud to have a reputable company like Vestel become a shareholder in our company and join Hisense on this great journey.”