[3][4] In late 2007, Kaleil Isaza Tuzman purchased a controlling interest in ROO Group and became the company's CEO and chairman of the board.

The key acquisitions enabled KIT Digital to become one of the largest video software and service providers in the world.

[dead link‍] By October that year, KIT digital was estimated to control 25% of a US$500 million market for Internet video-management software.

On November 21, 2012, the company announced errors that would force the restatement of prior period financial statements and postponement of Q3 2012 results.

As a result, KIT is exploring "a broad set of strategic alternatives," including financing deals (virtually guaranteed to be dilutive) and a sale.

[25] Kaleil Isaza Tuzman served time in prison in Colombia and was eventually extradited to the United States.

Tuzman and Amanat had been accused of conspiring to inflate KIT's trading volume and share price between 2008 and 2011 in an effort to hide their devastating losses.

Three government witnesses who pleaded guilty, including two former KIT executives and a disgraced hedge-fund founder, told jurors of related frauds being directed by Tuzman and Amanat in an effort to hide their disastrous investment losses.