The Globe and Mail reported today that Cisco Systems is buying a privately owned tech company that has most of its employees in Toronto.
ExtendMedia, headquartered just outside of Boston, has large telecom customers such as BCE Inc., Telus Corp., AT&T Inc. and Verizon Communications Inc. using its content management system. Of ExtendMedia’s 52 employees, 35 are in Toronto, the site of its production facilities.
ExtendMedia’s technology is called OpenCase and it allows companies to provide movies, television shows and other videos to customers on different platforms. The technology is tailored to reach various types of operating systems and mobile devices.
This acquisition clearly supported Cisco’s bid to tap the growing market for Internet video streaming on multiple screens and should bode well for Toronto’s tech space.