SeaChange International has purchased the Dutch VOD and broadcast software firm eventIS for €25.5 million.
The Eindhoven-based company has contracts in place with operators that include Kabel Baden-Württemberg, StarHub and Virgin Media. In 2008, eventIS reported US GAAP revenues of approximately $13 million. The company has the equivalent of 70 full time employees.
In addition to the initial purchase price, SeaChange is obliged to pay €1.2 million to the former shareholders of the privately held company and €800,000 in restricted SeaChange stock on the first three anniversaries of the transaction. The purchase price also contains an element based on the future performance of eventIS.