Veset will operate as a wholly-owned subsidiary of PLAY and continue to develop "solutions for cloud playout and channel management" a press release said.
Gatis Gailis, co-founder of Veset (along with his father, former Latvian Prime Minister Māris Gailis, plus Jānis Vaišļans and Jānis Krampāns), has been appointed CEO following the acquisition. He commented: “Having worked with PLAY for a number of years, we already knew that there are a lot of synergies between our two companies, including a shared mission to enable digital transformation in the media and entertainment industry. This acquisition will help us to further develop our offerings and scale our company, especially increasing our presence across Asia.”
Kazumichi Kuroda, CEO of PLAY, said: “Over the past years of working with Veset, we have been impressed, not just by the technology but also by the entire team that shares the same values as us. I am certain this will be a beneficial move.”