London-based virtual events company Hopin has bought StreamYard for $250m in order to improve its video capability. The consideration is to be paid in a mix of cash and equity.
Hopin founder Johnny Bourfarhat aims to replicate “all the best parts” of live events on his platform including networking, streaming, interviews and polls. StreamYard was founded in 2018 in Oregon, US, with an initial focus on gaming but with content creation that led the business towards an easy-to-use streaming tool. The company had reached $30m in revenue by the end of 2020 across 100,000 customers from individual influencers to major companies.
Hopin was itself founded only last year and has raised $170m in funding, employs 300 people in almost 40 countries and had previously acquired mobile app Topi in late 2020. The combined company expects to reach revenues of $65m in 2021. Investors have valued the company at more than $1bn.