Telstra has quietly exited its first move into Silicon Valley, selling video streaming outfit Ooyala, which it bought for more than $500 million and wrote down to a value of zero earlier this year.
Telstra bought Ooyala in two stages in 2012 and 2014, under former boss David Thodey, spending more than $500 million on the US-based technology company. By 2016, it wrote the value of Ooyala down to $246 million and in February 2018 it hit reset, wiping the value of the business down to zero.
“Also as section of our focus on portfolio management we have already announced the restructure of Telstra Ventures and last week we completed the exit of our US-based intelligent video business Ooyala,” Telstra chief executive Andy Penn told shareholders at the company’s annual general meeting on Tuesday.