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Opera Software says Skyfire expectations were too high

11
Feb
2014

Norway’s Opera Software now expects to pay $35 million less than anticipated for Skyfire, a video and data compression technology firm bought in February 2013, as sales have been disappointing, the company said on Tuesday. “The expectations were set too high, but we continue to feel good about the Skyfire technology, its business and its prospects going forward,” Opera Chief Financial Officer Erik Harrell said during an earnings presentation. The original deal set a price tag of up to $155 million for Skyfire, with an upfront pay of $50 million and the rest to be paid over three years. Skyfire helps telecoms operators and broadband providers compress data through cloud computing technologies and thereby save money by allowing them to invest less in physical infrastructure.

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