Google Inc. announced that it has completed its acquisition of On2 Technologies, Inc., valued at approximately $124.6 million, after On2’s shareholders voted to approve the transaction.

“We’re excited to welcome the On2 team to Google and to continue to enhance the video experience for users on the web,” said Sundar Pichai, VP of Product Management at Google, in a statement.

“Through rapid innovation in browsers and web standards, the Internet is becoming the leading platform for development. We believe On2’s engineering talent and technology will be an incredible asset for us as we work to improve this platform.”

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