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IBM did not disclose terms of the deal, but Fortune reported the deal was expected to cost IBM around $130 million in cash, plus other potential earnouts.
San Francisco-based Ustream, which has offices around the globe, allows its clients to live stream everything from keynotes to concerts, with clients ranging from Facebook to NASA to Samsung and more. As part of the deal, Ustream will join IBM's newly- created IBM Cloud Video Services unit, led by Braxton Jarrett.
Ustream competes in the live streaming business with Twitch, which Amazon (AMZN) acquired in 2014 for a purchase price of $970 million in cash. Alphabet's (GOOG) (GOOGL) YouTube unit has also been experimenting with live streaming services.
"Video has become a first-class data type in business that requires accelerated performance and powerful analytics that allows clients to extract meaningful insights," said Robert LeBlanc, Senior Vice President, IBM Cloud in a statement. "Aligning our expansive video and cloud innovations into an integrated unit will create opportunities for clients to take advantage of this medium in the most strategic way possible."
Along with Ustream, IBM's recent acquisition of cloud computing company Clearleap will be a part of the IBM Cloud Video Services unit. They will also join recent IBM acquisitions Asper and Cleversafe, as well as other assets from IBM's research and development portion of the company to help complete the unit.