The media-streaming startup Boxee has agreed to be sold to Samsung for $30 million, reported VentureBeat.com.
The report comes after numerous rumors that the company was looking for a buyer after initially searching for new investors. Samsung's reported purchase is just over the $26.5 million investors originally raised for the company.
Samsung confirmed the deal to Mashable.com on Wednesday, but did not give further details. Boxee's software is expected to be seen on their next line of smart TVs.
"Samsung has acquired key talent and assets from Boxee," a Samsung rep told Mashable in a statement. "This will help us continue to improve the overall user experience across our connected devices."
Boxee confirmed the deal to Venture Beat Wednesday as well.
"We can confirm that Boxee will be joining Samsung. We'll have a formal statement on our website later this week," a Boxee spokesperson told Venture Beat. The company did not confirm any financial details either.
Initial reports speculated that Boxee was looking for new investors to add to the money they had already raised, but had shifted gears and began looking for a buyer. If the $30 million-figure is correct, investors will get their money back in full with a profit.
Boxee's software allows user to stream media on TVs, computer and other devices. Eventually, they graduated to making their own device through a partnership with D-Link, but both the software and the device gained underwhelming results from consumers.
Boxee can stream apps like Netflix, Vudu and Spotify, but that feature did not help the company either.
Boxee, which also has offices in New York City, is the latest Israeli start-up to be sold to a much larger company. Google recently purchased the widely popular social mapping app Waze, although that sale is under review with the Federal Trade Commission.
No such review is expected for this sale and Boxee is expected to keep about 40 of its employees, with half continuing to work from Israel.
"Joining Samsung means we will be able to work on products that marry the best hardware and software in the TV space, products that will be used by tens of millions of people and will help to shape the future of TV," Boxee said in a statement on their website. "We are excited about the next chapter for our team."
