SeaChange international is to concentrate on its Streaming Software and Related Hardware businesses following the sale of its Broadcast and Storage Business to a US-based group of financial investors.
Once regulatory approval has been given the new independent company will be known as XOR Media.
“This divestiture is an important part of our strategy to transform SeaChange into a pure play software company, significantly reduce our overall cost structure, and strengthen our ability to compete in delivering next generation multiscreen video solutions, while generating cash,” said SeaChange CEO Raghu Rau.
“It’s important to note that this sale is not a parting of ways between SeaChange and the new company XOR Media. We will continue to work together to offer our customers a complete solution. We see this divestiture as a step toward a future relationship – not the ending of one.”
Zheng Gao, President of SeaChange Storage and Servers who will become CEO of the new XOR Media.
