Virage, Inc. (Nasdaq: VRGE) rose 1 1/2 to 14 Monday after the Internet software company said it signed a two-year, $1.5 million licensing agreement with iViTech.com of Korea.
Virage said it will team with the Korean company, a subsidiary of Hung Chang Co. Ltd., to bring Internet video products and application services to the Korean market. Virage will license its technology to iViTech.com, and will also supervise the establishment of a full-service Internet video applications services facility in Seoul.
Virage said the agreement accelerates its entry into the “rapidly growing Asian market for Internet video.” The company also said it named a new vice president of Asia-Pacific operations, Joseph Hyrkin.
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