Philips Content Identification Announces Spin Out and Becomes Civolution

The company formerly known as Philips Content Identification, has announced the completion of its spin-out from Philips Corporate Technologies. The company will operate under the new brand name Civolution. The spin-out includes Teletrax, the world’s first global broadcast intelligence company and former joint-venture of Philips and Medialink.

Prime Technology Ventures (PTV), a leading independent pan-European venture capital firm headquartered in The Netherlands, has provided funding for the new Civolution company through its PTV III fund. In addition to other limited partners, Philips also became limited partner in PTV, demonstrating its continued commitment to the growth of the Civolution business.

Civolution offers complete end-to-end solutions in content identification, managing and monetization services to content owners and distributors. As a new and independent company, Civolution is well positioned to anticipate and respond to the needs of the dynamic market of the digital content industry. The spin-out allows Civolution the flexibility to take new strategic directions beyond the current scope of Philips and to and to focus fully on meeting market demands as they evolve.

“We are delighted to announce the realization of this next major milestone in our strategic plan following the recent merger with Teletrax”, says Alex Terpstra Civolution CEO. “With our great team of dedicated professionals and with a wide range of experience in the field of content identification technology and services, we have the ambition to play a pivotal role and lead the way in the evolution of content identification, helping content owners and distributors identify, manage and monetize their content.”

Source: BroadcastBuyer