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US telecom major Verizon to acquire short form video company Vessel

MUMBAI: US telecom major Verizon will acquire Vessel, a short form video company.

Vessel co-founder, CEO Jason Kilar and co-founder, CTO Richard Tom said in a blog post that at the heart of this transaction is the Vessel technology, product and team. These three things will be married with Verizon’s ambitions in online video.

“Starting with our launch 18 months ago, we’ve been fortunate to assemble an amazing team and to build a service and company whose mission is to make media better. It has been incredibly fun to brainstorm ways technology can power a great video experience globally, to dream up ways to improve video advertising and to make those ambitions a reality. At the same time, Verizon, the largest wireless service provider in the US, has made clear their convictions about the future of online video. They share our belief that internet protocol will inevitably become the dominant way consumers access great video experiences.

“The Verizon team has backed this conviction with material investments and a focus on what makes them unique in a competitive marketplace. It’s easy for our team to imagine the amazing ways customers can be served when Verizon’s high speed wireless platform is combined with their strategic commitment to video and our team.

“At the heart of this transaction is the Vessel technology, product and team that we have built. These three things will be married with Verizon’s ambitions in online video. Though the team and the actual tech + product will live on at Verizon in ways that will become apparent in the months and years ahead, sadly we will be sunsetting the Vessel service at the end of this month (October 31).

“All subscribers of Vessel will be provided complimentary access for the month of October*, and subscribers of our annual plan will be refunded back to the beginning of October. Richard will be leading the charge on all things technology, product and team going forward, whereas Jason’s focus will be to ensure a smooth transition through the end of this year.

“It is hard for us to put into words how thankful we are to our customers, our team members and our investors for their support. Our greatest professional joys have always been a function of time spent innovating and building. Thank you for making it possible for us to do just that from the day we started Vessel. And our thanks to Verizon for their commitment to online video such that this amazing team continues on its mission, now on a dramatically larger scale.”