Amazon paid $296 million for Sam Blackman’s company.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Amazon paid $296 million for Sam Blackman’s company, Portland-based Elemental Technology.
The deal closed Monday.
Here’s the relevant section of the Amazon report:
On October 19, 2015, we acquired Elemental Technologies, Inc. (“Elemental”), for total consideration of approximately $296 million. The acquisition combines Elemental’s video solutions with the AWS Cloud platform to provide customers integrated solutions to efficiently and economically scale video infrastructures. We are currently in the process of estimating the fair values of the assets acquired and liabilities assumed and will include the impact of this acquisition in our 2015 Annual Report on Form 10-K.
(SOURCE: Portland Business Journal)
Blackman had said he plans on maintaining the company’s presence in Portland.
Elemental and Amazon have indicated they plan to package the Portland company’s video encoding technology with Amazon’s cloud computing services. Others, though, have speculated that Amazon may also be planning or full-fledged service to offer cable TV networks over the Internet and may want Elemental to help enable that service.
Elemental had $49.1 million in revenue in 2014 and had been growing at a rate of roughly 50 percent annually over the past few years.
(SOURCE: OregonLive.com)
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