Electronics giant Siemens today announced its acquisition of Seattle-based advanced video services developer Myrio. Financial terms of the deal were not disclosed.

Previously an ISP which operated under the name SourceNet, privately-held Myrio creates middleware and applications for the growing IP television and home entertainment market, providing network operators with management tools for pricing, packaging and applications development. Myrio and its solutions will be folded into Siemens' communications unit.

According to Siemens, analysis estimates that the market for advanced video services could be worth as much as $25.67 billion by 2006.

Siemens Venture Capital first invested in Myrio in late 2003, and the company has been Siemens' home entertainment solutions software partner of choice for over a year. Myrio has some 65 additional global clients, and employs a staff of 75.