Skype picks up start up
Published: 12 Apr 2006 09:45 BST
eBay's Skype unit said on Tuesday it has agreed to acquire a San Francisco-based speech-processing start-up for roughly $27m (£15m) in stock.
eBay will issue 700,000 shares of stock to buy Sonorit and its subsidiary, Camino Networks. Skype said it bought the company for its engineering team, which should help Skype build new voice products for the future.
Luxembourg-based Skype, founded in 2002 by Scandinavian entrepreneurs, offers free computer-to-computer VoIP calls and low-cost connectivity between computer and landline or mobile phones. Skype was bought last year by eBay in a deal valued between $2.5bn and $4bn and has more than 70 million registered users.
"We're excited about bringing the talented Camino Networks team to Skype," Niklas Zennstrom, Skype's chief executive and co-founder, said in a press release.
In recent months, Skype has tried attracting new users by introducing new products that appeal both to consumers and small businesses.
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