Boston: Yahoo has purchased Maven Networks, an Internet video toolmaker, for $160 million.

Press Release: http://biz.yahoo.com/bw/080212/20080212005624.html

Maven, located in Massachusetts, sells video-publishing systems and tool sets that allow companies play, distribute and syndicate broadband video. The acquisition will be an upcoming age for the advertising sector, which will be generating more than $4 billion in annually within the next three years.

Hilmi Ozguc, the chief executive of Maven said “Internet video, which was initiated by a group of start-ups, is now on the edge of becoming a big business.” This business raised about $30 million in venture capital since 2002. “Billions of dollars in advertising are at stake.” (more…)