Local video ad firm snapped up by overseas buyer

Carmine Masiello, managing director of eBus, which has just been sold to London-based media logistics operator IMD. File photo / NZ Herald

A New Zealand firm that provides cloud-based video transfer services to the advertising industry has become the latest Kiwi technology company to be snapped up by an overseas buyer.

Ebus, whose backers include Auckland business incubator The Icehouse and local investment firms Movac and Sparkbox Ventures, has been acquired by London-based media logistics operator IMD.

The purchase price has not been disclosed.

IMD says the acquisition will give it a "substantial worldwide footprint" in digital television ad delivery.

Ebus was founded in New Zealand in 2005 by Carmine Masiello, an Italian businessman who decided to settle in this country after sailing here with his family in 2004.

Since its founding the company has expanded rapidly out of New Zealand, providing its video transfer platform to customers in Singapore, Australia, India and Indonesia.

The technology allows television advertisements to be transferred from one location to another in less than 10 minutes.

Ebus' clients include advertisers, production firms, television broadcasters, web publishers and online marketers.

Masiello, who remains chief executive of Ebus, relocated to Singapore in 2009 in order to be closer to the firm's core markets.

Chief operating officer Michael Orton is based in Auckland.

Masiello said IMD's investment would help speed up Ebus' expansion in the Asia Pacific region.

"We look forward to being supported by a shareholder that combines financial strength with an intimate understanding of what we do and who we are," he said.

IMD said the acquisition would strengthen its digital TV ad delivery service in Asia Pacific where Ebus has established "a peerless reputation as the most reliable and the fastest service in the region with the widest geographical offering".