Amazon snaps up Twitch for $970 million in cash

Amazon has splashed out $970 million in cash for video streaming website Twitch, ending months of speculation.

Judging by the comments made by Twitch CEO, Emmett Shear, the firm was not short of suitors. Google was reported to be in talks to buy the streaming site for approximately $1bn in May. However, it was Amazon that offered the more compelling deal.

"Today, I'm pleased to announce we've been acquired by Amazon. We chose Amazon because they believe in our community, they share our values and long-term vision, and they want to help us get there faster," Shear said on the Official Twitch blog.

"We're keeping most everything the same: our office, our employees, our brand, and most importantly our independence. But with Amazon's support we'll have the resources to bring you an even better Twitch."

Twitch was launched in 2011 and has grown to become one of the world's most popular websites. In July, 55 million unique visitors viewed over 15 billion minutes of content on the site.

In a statement, Jeff Bezos, founder and CEO of Amazon said he was impressed with how far Twitch has come in three years.

"Like Twitch, we obsess over customers and like to think differently, and we look forward to learning from them and helping them move even faster to build new services for the gaming community."

The deal is subject to close in the second half 2014, subject to regulations.

Khidr Suleman is the Technical Editor at IT Pro, a role he has fulfilled since March 2012. He is responsible for the reviews section on the site  - so get in touch if you have a product you think might be of interest to the business world. He also covers the hardware and operating systems beats. Prior to joining IT Pro, Khidr worked as a reporter at Incisive Media. He studied law at the University of Reading and completed a Postgraduate Diploma in Magazine Journalism and Online Writing at PMA Training.