Prime Technology Ventures and Philips arrange for successful spin out of world leading content identification services: Civolution B.V.

EINDHOVEN, The Netherlands – The company formerly known as Philips Content Identification, a leader in content identification services and technologies based on digital audio and video fingerprinting and watermarking announced the completion of its spin-out from Philips Corporate Technologies. The company will operate under the new brand name Civolution. The spin-out includes Teletrax, the world’s first global broadcast intelligence company and former joint-venture of Philips and Medialink.

Prime Technology Ventures (PTV), a leading independent pan-European venture capital firm headquartered in The Netherlands, has provided funding for the new Civolution company through its PTV III fund. In addition to other limited partners, Philips also became limited partner in PTV, demonstrating its continued commitment to the growth of the Civolution business.

Civolution offers complete end-to-end solutions in content identification, managing and monetization services to content owners and distributors. As a new and independent company, Civolution is well positioned to anticipate and respond to the needs of the dynamic market of the digital content industry. The spin-out allows Civolution the flexibility to take new strategic directions beyond the current scope of Philips and to and to focus fully on meeting market demands as they evolve.

“We are delighted to announce the realization of this next major milestone in our strategic plan following the recent merger with Teletrax”, says Alex Terpstra Civolution CEO. “With our great team of dedicated professionals and with a wide range of experience in the field of content identification technology and services, we have the ambition to play a pivotal role and lead the way in the evolution of content identification, helping content owners and distributors identify, manage and monetize their content.”

“The spin-out of the Content Identification unit demonstrates Philips’ endorsement of nurturing emerging technology and successfully bringing this new technology to market,” commented Jelto Smits, SVP and CEO of Philips Technology Incubator. “Philips is confident that the Content Identification unit will play the strategic role it has in mind and Philips will continue to support the venture through its partner position in PTV.”

Sake Bosch, founder and Managing Partner of PTV commented: “We welcome Civolution to our portfolio of high growth companies. Civolution matches our sector experience and expertise and we believe it has the potential to achieve international dominance.”