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Opera Software says Skyfire’s expectations were too high

14
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 underperformed the unit’s own expectations, the company said on Tuesday. “As we got through the end of 2013, we realized that the earn-out targets set by the Skyfire management team were not realistic, and as a result, in the fourth quarter of 2013, we reduced the estimated earn-out payments to Skyfire by $35 million. We continue to feel good about the Skyfire technology, its business and its prospects going forward,” Opera Chief Financial Officer Erik Harrell said. 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.

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