RealTime IT News

Navisite Sells Business Unit

Shedding non-core operations, hosting specialist Navisite , of Andover, Mass., has sold its streaming media unit to Streaming Media Corp. (SMC), of Englewood Cliffs, N.J.

Financial term were not disclosed.

Central to the deal is Navisite's StreamOS platform that delivers audio and video content through the Internet. The technology has been licensed by media outlets to Webcast content from concerts (Sting) and sporting events (British Open, Wimbledon), among other events.

SMC also gains the sales, client services and management team of the unit and a new office in La Jolla, Calif.

"This acquisition brings valuable technology and expertise to the SMC platform of services," said Art Williams, SMC's president. "This transaction will benefit our customers and partners as well as further enhance our strong financial position."

Among those joining SMC is Troy Snyder. The former manager of Navisite's Streaming Media Group, who will serve as COO.

"SMC has been a network infrastructure partner of StreamOS for the past two years," Snyder said. "I am thrilled to see that partnership evolve into this acquisition."

Shares of NAVI, which is a subsidiary of CMGI , the Andover, Mass., Internet investor, lost 0.11, or 4 percent, to 0.279 on Wednesday. In the last 52 weeks, the issue has ranged from 0.14 to 2.93.

SMC is privately held. The Navisite deal is its second pickup of the year; in January it acquired e-Media, of Stamford, Conn.