Samsung Electronics (005930.KS) has acquired TV digital recording device company Boxee, the South Korean manufacturer said on Wednesday.
Terms of the deal were not disclosed.
Boxee is a DVR that stores content in the cloud and lets viewers watch recordings anywhere without space constraints. Most DVRs allow for a limited number of recordings before the user has to delete shows to make room for others.
"Samsung has acquired key talent and assets from Boxee," said a Samsung spokeswoman. "This will help us continue to improve the overall user experience across our connected devices."
A representative from Boxee confirmed the company was joining Samsung.
As the world's biggest TV manufacturer, Samsung has been expanding features on its Internet-connected TV sets such as Skype video calling and apps that directly tap Netflix (NFLX.O) and other streaming video content.
Many technology giants like Apple (AAPL.O), Google (GOOG.O) and Intel (INTC.O) are trying to break into streaming video as a way to hook consumers with their devices.
Founded in 2007, Boxee is based in Israel and has received almost $27 million in funding from venture capital firms such as Spark Capital, Union Square Ventures and Softbank NY.
(Reporting by Jennifer Saba in New York; editing by Jim Marshall)