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Qlipso acquires video site Veoh's assets

Veoh's assets have been sold to a media-sharing company, which is seeking to build up its audience.

The assets of Veoh, a former YouTube competitor, have been acquired by media-sharing company Qlipso, VentureBeat is reporting.

"Veoh is now part of Qlipso, the revolutionary social content sharing company," Veoh's "About" page reads. "Over the coming months, users and business partners will start to see more and more social features coming to one of the world's top video sites--Veoh."

Veoh executives will work at Qlipso as part of the deal, according to VentureBeat. Qlipso is backed by Jerusalem Venture Partners. CEO Jon Goldman told VentureBeat that the company views the purchase as a way to speed up building an audience. Terms of the deal were not disclosed. Neither company has responded to a request for comment.

The acquisition adds another chapter to the once-promising video site's storied history. Originally created as a YouTube competitor, Veoh was unable to live up to its hype. It tried several strategies to stay relevant. It even weathered a long and costly copyright lawsuit filed against it by Universal Music Group. The site eventually won that case, but unfortunately for Veoh, it didn't help it to attract the kind of following other video sites like YouTube and Hulu have enjoyed.

The company, which had raised $70 million in venture funding, laid off most of its remaining workforce in February. Dmitry Shapiro, Veoh's founder and CEO, announced on his personal blog at the time that the company had also filed for Chapter 7 bankruptcy.