Santa Clara, Calif.-based Rovi Corp. announced on Monday that it has entered an agreement with Andover, Mass. voice discovery company Veveo for $62 million in cash and up to $7 million in other payments.
Veveo's main technology is an app that allows consumers to search on their smartphones using conversational voice commands – giving the company the 'Siri on steroids' reputation. According to TechCrunch, Veveo is being used behind the scenes by a number of device manufacturers and service providers; the company has more than 80 patent applications filed, with 50 granted to date.
Tom Carson, President and CEO of Rovi said in a statement:
Veveo has developed a great set of technologies and is a clear strategic fit for where we are going as a company. This transaction positions us for leadership in search and recommendation, which is consistent with our stated focus on establishing leadership in targeted market segments. Rovi is enhancing its capabilities to deliver more and better discovery solutions, as our customers look to personalize the consumer entertainment experience across multiple screens and platforms.
Since its start in 2004, the company has raised $28 million in venture dollars from North Bridge Venture Partners, Matrix Partners and Norwest Venture Partners.
