A Canadian tech company is buying a majority stake in a Vancouver-based startup to bolster its presence in the city.
Rivetz Capital has acquired a 32 per cent stake in Cinevus, a Vancouver based film and video streaming service that was acquired by Cineavision in March.
The deal includes a $1.4-billion (U.S.) cash infusion and an additional $600-million of convertible notes, the company said in a statement on Tuesday.
“This acquisition is another step in Rivetz’s strategic plan to expand our presence in Canada,” CEO Tim Zemmour said in the statement.
The Canadian-based company was founded in 2005 and is focused on producing and distributing films, television and content across Canada and beyond.
Cineavisions was acquired for $1 billion in June and was looking to raise additional funding.