Financial terms of the settlement agreement were not disclosed, but it sounds like a sweet deal for Veveo, which had filed suit against Verizon back in September 2010.
As part of the settlement agreement, Verizon entered into a non-exclusive license of patented Veveo technology that can be used to enhance its FiOS TV offering and provide new personalized search capabilities.
Verizon says it can leverage Veveo’s tech for users to discover relevant video content across all FiOS TV channels, video on demand and DVR content and watch it on their TV, tablet computer, mobile phones and other connected devices.
Headquartered in Andover, MA, Veveo is backed by $28 million in venture funding from Matrix Partners, Northbridge Venture Partners, Norwest Venture Partners, and OmniCaptial Group. Its partners include Comcast, Verizon, AT&T, Nokia and Rogers.