San Bruno Company Bought for $52M

Digital content manager Rimage Corp. recently acquired San Bruno-based Qumu for $52 million, according to media reports. 

Qumu helps corporations create, manage and securely distribute video and related content, and provides analytics on content usage. With a staff of 70 people, it serves companies in the banking, technology and telecom industries, as well as universities and government agencies. 

The deal will now give Rimage, based in Minneapolis, MN, a greater presence in the growing video communications market, the Wall Street Journal reported. 

“We are extremely excited to be joining forces with Rimage to more quickly extend Qumu’s unique video communications solution to a much larger market,” Ray Hood, Qumu’s CEO, said in a statement on the company’s website. “We believe the combination of the two companies offers significant opportunities for growth in 2012 and beyond.” 

According to the San Francisco Business Times, Rimage agreed to buy Qumu for $39 million in cash and one million shares of Rimage common stock. 

Qumu is expected to remain in San Bruno and its CEO Ray Hood will now become a senior vice president of Rimage, according to the company’s website.