Vonetize signs distribution agreement with Foxxum in Latin America
Noam Josephides, Vonetize’s CEO, commented, “Having completed the Takoomi deal, we continue the momentum by expanding our distribution operations in South America. The new agreement will increase the number unique users who use our service on Toshiba, Hitachi, Sanyo and Daewoo’s smart TV’s. south America is an important growth engine for Vonetize and the new agreement leverages the trend.”
Vonetize and Foxxum GmbH from Germany yesterday entered an agreement for distribution of Vonetize’s SmartVOD service in Latin American markets.
Foxxum develops a smart TV platform-as-a-service solution which can be embedded in TV sets, set-top boxes and other entertainment devices, for consumer electronics partners such as Toshiba, Hitachi, Daewoo, Sanyo, TCL and more. To date, Foxxum’s platforms have been embedded in some 1.5 million smart TV’s across Latin America.
Under the agreement, Foxxum undertook to pre-install Vonetize’s SmartVOD service in the smart TV platforms it embeds in the TV sets marketed across Latin America. The agreement was entered for two years with Foxxum granting 6-months exclusivity to the Company’s TVOD service on its platform in Latin America. Foxxum will also promote the service on the main content screen of the smart TV’s.
In exchange to the distributions services, Foxxum will be entitled to a proportionate percentage of the net proceeds Vonetize receives from users who subscribe on Foxxum’s platform. Foxxum’s share of the net proceeds will increase in correlation with the growth in the number of unique users.
A week ago, Vonetize announced the completion of Takoomi’s acquisition as part of its strategic plan to expand its service offering. Takoomi’s profitable operations are expected to improve Vonetize’s financial results. Takoomi is an “advertising exchange” system for video advertising, an area with annual double-digit growth rate. It relies on technologies which link the content of leading sites, such as Yahoo and AOL with international advertising agencies and exchanges, some of which are traded on NASDAQ. Takoomi was founded in 2012 by Yotam Benattia and Roni Lev. Its customer base includes over 400 websites and applications visited every month by more than 200 million unique visitors from more than 100 countries. Takoomi uses proprietary technology to reach out to high quality customers with solutions that help them grow their profits.