Swedish investor buys into video firm Wooshii

SWEDISH internet marketing business Getupdated has taken a 25% stake in Wooshii, an online video content business based in Manchester.

In return for the investment Getupdated, parent company of Macclesfield-based Just Search, will market a new service based on Wooshii’s technology. Ultimately it plans to acquire the whole business.

Wooshii specialises in linking video producers with potential customers who need content. It has a global user base of 3,500 registered providers of video content and it takes a cut from any work that is secured through the site.

Getupdated has an option to acquire up to 51% and subsequently the remaining shareholding of the company, and plans to do this if Wooshii hits certain financial targets. The sellers are the founders of Wooshii who will retain their positions in the company’s management.

Fergus Dyer-Smith of Wooshii said: “As part of the Getupdated Group, Wooshii will get the marketing leverage needed for a broad commercialisation of a unique set of video expertise and services.”

Paul Yates, chief executive of Getupdated and Just Search, said: “Online video content will add significant benefits to our customers and Wooshii provides a perfect accompaniment to our existing core range of services.”

Ruth Hargreaves and Sam Mabon of Manchester law firm Brabners Chaffe Street advised Wooshii on the deal. Ms Hargreaves said: “The team at Wooshii has built a strong business model and being part of an international group like Getupdated represents a fantastic opportunity for growth.”