mSpot Inc. provides music, movies and radio content to mobile users. The U.S. company located in Palo Alto, California also has ties with many major telecommunication service providers in the United States that could benefit Samsung.
Samsung said that it has acquired all of mSpot Inc.’s technology, assets and personnel. Financial terms of the deal were not disclosed.
Samsung said, “The acquisition will permit Samsung to enhance its cloud-based streaming solution clout and build up the company‘s entertainment services for mobile devices. mSpot could act as a conduit to permit competitive local contents to reach a wider global market.”
The latest move comes as Samsung’s ultimate rival Apple Inc. has set up its own cloud service iCloud.
Although the financial terms of the deal were not published, industry insiders speculated that Samsung paid around 10 billion won (US$8.74 million) for the cloud service company. They said that in the long run, the tech giant may create its own cloud-streaming service to expand the scope of applications it can give to consumers who buy its mobile devices such as the Galaxy series phones.
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