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Home Box Office (HBO) has confirmed that it will invest AUD 10mn (US$ 10.73mn) in Australian video rental firm Quickflix.

The agreement (if approved by shareholders and regulators) will give HBO a 16% stake in the company and the right to place a representative on the Quickflix management board.

“We welcome HBO as a strategic investor in our company […] The funds from HBO’s investment will enable Quickflix to execute its strategy for growth and profitability,” said Stephen Langsford, chairman and founder of Quickflix.

Quickflix operates one of the largest online video and DVD-by-mail services in Australia, with 94,057 paying customers at the end of December 2011, up 17% from three months previously.

HBO signed a content distribution agreement with Quickflix last month, giving the latter's subscribers access to 500 hours of HBO content, including television series, films, documentaries and comedy.

The Quickflix online video service is available on PCs, Macs and a growing range of connected TVs and devices.

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