TV Genius, an award-winning software business, specialises in cloud-based content discovery across the internet, TV and connected devices.
Red Bee intends to blend its existing metadata services with TV Genius's technology to "bring a synchronised viewer experience" across live and on demand TV.
The company said that the resulting service will offer more accurate search options, personalised recommendations and an enhanced TV guide across multiple platforms and devices.
Red Bee, previously BBC Broadcast, said that the deal demonstrates its commitment to providing media clients with "end-to-end solutions to maximise and monetise content".
Since it was launched in 2005 by former BBC News project director Bob Eggington and T-Mobile executive Tom Weiss, TV Genius has established itself as a leading content discovery firm. Its search engine now handles more than 100 million transactions each month across seven different countries.
The company's technology is already used by various media firms, including ITV, Sky, Freeview, Bauer Media, IPC Media, STV and AOL. TV Genius also recently announced the launch of a new Facebook-integrated TV guide solution, automatically highlighting programmes preferred by each user's Facebook friends when they log in to the TV electronic programme guide.
Red Bee Media chief executive Bill Patrizio said: "A critical requirement for monetising content across platforms and screens is to enable consumers to easily discover content in what is becoming an increasingly cluttered and fragmented marketplace.
"Accurate search and personally relevant recommendation is a key differentiator in addressing this challenge and this acquisition allows us to significantly enhance our current offering by investing in new technologies at the core of the future TV experience.
"TV Genius is at the forefront of content discovery and we're excited to welcome them to the Red Bee Media family. Together, we intend to reinvent the EPG for online video."
TV Genius chief executive Tom Weiss added: "As an integrated part of Red Bee Media, TV Genius will now have the ability to quickly grow its Content Discovery Platform while maintaining industry-leading relevance.
"The personalised EPG, social TV, and companion applications are changing the way we watch and interact with TV in significant ways. The TV Genius team is excited to be joining Red Bee Media to help create new consumer experiences for existing and new customers around the world."
The acquisition of TV Genius follows Red Bee's launch of the RedPlayer, a new online platform allowing broadcasters to deliver high quality video to devices such as PC, iPhone, iPad, games consoles and connected TVs.
Red Bee manages around 90% of broadcast VOD content consumed in the UK, including deals with BBC iPlayer, ITV Player, Channel 4's 4oD and Channel 5's Demand-Five, as well as the Virgin Media Player and UKTV's on-demand content.