The Xperi Holding Corporation has emerged as the winner of an auction concerning the assets of Mobi TV, a technology company that declared bankruptcy earlier this year.
In a statement released on Thursday, Xperi said its subsidiary operation TiVo Corporation was the highest bidder for Mobi TV’s assets, beating out Roku and other companies who were hoping to acquire Mobi TV’s intellectual property and service business.
TiVo is expected to pay more than $18 million to acquire Mobi TV’s assets. Roku submitted a bid of $5 million for the company’s properties, while challenger Amino submitted a $10 million bid.
For years, Mobi TV has developed the behind-the-scenes software and technology that powers streaming television services, including the ill-fated T-Mobile service TVision, which was shuttered shortly after Mobi TV declared bankruptcy.
“The acquisition of the Mobi TV assets immediately expands our capabilities and the addressable market for our IPTV solutions, helping to secure TiVo’s position as a leading provider of pay TV solutions,” Jon Kirchner, the chief executive of Xperi, said in a statement.
Kirchner said Mobi TV’s deep customer relationships with third party pay television services will help accelerate Xperi and TiVo’s own plans to reach that same segment of the industry.
“The acquisition of Mobi TV’s managed service assets will help accelerate our growth in the IPTV market through an increased subscriber footprint,” Kirchner remarked.
The acquisition of Mobi TV’s assets is still subject to approval by a federal judge overseeing the company’s case, but it’s expected to be approved by next month.