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Computing giant IBM said today it has reached a deal to acquire Ustream, a live video streaming service founded in 2007.

Terms were not disclosed, but Fortune pegged the price at $130 million. The acquisition is the lynchpin of a plan by Big Blue to create a new business unit, IBM Cloud Video Services, that will combine Ustream with other recent acquisitions including Clearleap, which it bought last month.

Ustream specializes in helping companies like Samsung, Nike and Facebook stream live events such as corporate speeches and live concerts to the Web, and reaches as many as 80 million individual users per month.

IBM said it will create a cloud-based video services platform on its Bluemix service for software developers that will make it easy to embed video content and capabilities in applications.