Google closes On2 acquisition for $124.6M

By Owen Fletcher

February 19, 2010 08:53 PM ET

IDG News Service - Google has finished its acquisition of video-compression-technology vendor On2 Technologies, boosting its efforts in online video.

The deal closed after gaining approval from On2 shareholders and was valued at $124.6 million, Google said in a brief statement late Friday. The figure was about $18 million more than the value stated when the companies announced the acquisition last year.

On2 provides video compression technologies for mobile video, embedded devices, Adobe Flash Player and VoIP (voice over Internet Protocol). Its customers include Skype, Nokia, Sony and Adobe, according to its Web site.

Google last year said On2 would provide it with video compression technology and that it hoped the acquisition would help further innovation in online video quality.

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