Amazon is to acquire Elemental Technologies, a backend mobile video service for more than $500 million in cash, according to a person familiar with the situation.
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Elemental had raised about $44 million in venture capital from Norwest Venture Partners, General Catalyst Partners and others. Elemental’s projected yearly revenue given the most recent quarter’s performance is currently about $80 million, said a person familiar with the situation. Two companies other than AWS expressed interest in buying Elemental, the person said.