PA Group - the parent company of the Press Association (PA), the national news agency for the UK and Ireland - has made a strategic investment in Israeli social video creation platform Wochit. Details of the investment were not disclosed,
Wochit enables content producers, including media and publishing companies, to create socially-optimized videos quickly, cost-effectively and at scale. PA joins a growing list of global media brands taking a stake in the ongoing development of the video platform, including Germany's ProSieben, and Singapore Press Holdings' SPH Media Fund. Based in Bet Dagan near Tel Aviv and with offices in New York and London, Wochit was founded in 2012 by CEO Dror Ginzberg and CTO Ran Oz and has raised nearly $30 million to date,
PA Group's investment will contribute to the development of new tools and features to further enhance Wochit's award-winning technology, while supporting the expansion of Wochit's business around the world. The relationship also sees a selection of PA's News, Sport and Entertainment content added to Wochit's proprietary library of rights-cleared assets, a resource that allows content creators' to rapidly produce video packages on trending topics.
PA Group CEO Clive Marshall said, "As the demand for video continues to grow across digital platforms, it's vital that publishers have access to technology that enables them to create high quality content easily and at scale. Wochit's platform has already had a positive impact across the media industry and beyond, and I'm delighted that we can be part of its ongoing development.
He added, "Wochit is a natural fit for the PA Group - our shared objective is to enable compelling storytelling across a range of platforms, particularly as customers and end-users look first to the visual components of stories."
Ginzberg said: "Wochit is honored to receive the support of one of the world's most widely-recognized media companies. We view this investment as a strong statement of the value we provide to our clients worldwide."
Published by Globes [online], Israel business news - www.globes-online.com - on January 17, 2017
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