Parallax Capital Partners and StepStone Group have acquired Rovi Corp.'s (Nasdaq: ROVI) DivX and MainConcept businesses in adeal valued up to $75 million.
DivX is a video player, converter and media server. MainConcept develops video compression technology.
Rovi announced it planned to sell the businesses by the end of the second quarter of 2014 as part of the company's effort to focus on growth related to entertainment discovery technologies and services. The company, headquartered in New York, provides guides, data and recommendations. In February, the company bought Veveo, which provides personalized entertainment search services. The company has made several other acquisitions, including SideReel and Rainbow Partners.
Parallax is a Laguna Hills, Calif.-based private equity firm that makes control investments in technology companies. The firm's other investments include Fox Technologies Inc., Daptiv Solutions LLC and Computron Software LLC. StepStone Group is a New York ivnestment firm.
Wells Fargo Securities LLC acted as Rovi's financial adviser, and Paul Hastings LLP provided legal advice to Parallax.