Roku Bought Danish Tech Firm to ‘Enhance’ Its Product Offering, Says SEC Filing

Roku agreed to pay $3.5 million to buy all outstanding shares of a privately held Danish technology firm to “enhance” its “player product offering,” the streaming media company said in an amended S-1 registration statement filed Monday at the SEC for its initial public offering (see 1709050067). Roku didn’t identify the firm it acquired Sept. 6 -- five days after filing its original S-1 -- nor has it had time to complete “the initial accounting” for the acquisition, and so is unable to disclose “amounts recognized as of the acquisition date for major classes of assets and liabilities acquired and resulting from the transaction along with any potential goodwill,” it said. It will disclose that information in the 10-Q report it files at the SEC for the quarter ending Sept. 30, it said. Roku signed an independent contractor services agreement Sept. 12 with Neil Hunt, who joined the Roku board in August after an 18-year career as Netflix chief product officer, the filing said. Hunt also has been a Logitech board member since 2010, it said. Hunt was asked to sit on the Roku board “because of his extensive experience in the streaming media technology industry, as well as his prior service on a public company board,” it said. The contractor agreement will pay Hunt $5,000 for each day he provides consulting services to Roku CEO Anthony Wood, not to exceed $120,000 in any “rolling” 12-month period, it said.