SYDNEY (02/03/2000) - Software giant Oracle Corp. has joined with Perth-based mining company Burdekin to form a startup to bring interactive TV to the local market.
Burdekin has taken a 40 percent stake in the new company, ICE Interactive, with Oracle owning 15 percent and U.S.-based Liberate Technologies Inc. taking 10 percent. The remainder has been kept for employee options.
"Burdekin will invest $15 million and acquire a 40 percent stake in ICE Interactive," said Burdekin's Chief Executive Gino Vitale.
The startup's newly appointed managing director, Carl Braden, said ICE will combine Oracle's Internet platform and applications with Liberate's software for enhanced TV. He said ICE's formation will stimulate the local interactive TV market through providing appropriate technology.
Interactive TV will "narrow the gap between the information rich and the information poor," Braden said.
ICE is believed to be in talks with potential customers, but officials would not reveal when the startup is expected to sign its first client.