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Stockholm - Swedish telecom equipment maker Ericsson said on Monday it had agreed to buy Microsoft's Internet Protocol television (IPTV) business Media Room for an undisclosed sum.
"This will make Ericsson the leading provider of IPTV and multi-screen solutions with a market share of over 25%," the Stockholm-based company said in a statement.
Media Room, which develops software mobile carriers use to deliver television over the Internet, said on its website its clients include "more than 40 of the world's leading operators", including US-listed AT&T and Germany's Deutsche Telekom.
Ericsson said the global market for IPTV was expected to reach 76 million subscribers this year and that revenue was forecast to grow from an estimated $32bn (€24.6bn) in 2013 to $45bn in 2015.
Media Room is based in Mountain View, California and employs more than 400 people around the world.
The deal was subject to regulatory approval and was expected to close in the first half of this year, Ericsson said.
