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Siemens buys IP video start-up

Siemens has bought IP video start-up Myrio for an undisclosed sum.

Siemens announced on Friday plans to buy Myrio, a start-up that makes software to deliver video over an Internet protocol network. Myrio, which is based in Seattle, offers software and services that enable phone companies to provide television services over broadband networks, putting them in direct competition with cable TV providers.

Terms of the deal haven't been released. Siemens has been reselling Myrio's products in Europe and Asia. Myrio, which employs 75 people, will continue to operate as a wholly owned subsidiary and will be folded into Siemens' communications unit. Siemens is a major player in the telecommunications equipment market, manufacturing everything from telephone switching gear to cell phones. It is headquartered in Germany.