Rovi Corp. (Nasdaq: ROVI), a digital entertainment services provider, has agreed to buy venture capital-backed Veveo for roughly $62 million in cash. The deal includes up to $7 million in additional cash payments, based on meeting milestones.
Headquartered in Andover, Mass., Veveo is a provider of advanced voice search and personalized entertainment recommendation services. Veveo's venture capital backers include Matrix Partners, Norwest Venture Partners and North Bridge Venture Partners. The company, founded in 2008 by Murali Aravamudan and Ajit Rajasekharan, has raised a total of $14 million in venture funding.