Seattle-based enterprise video provider Panopto is bidding to acquire its New York-based competitor Kaltura.
It’s already placed two offers on the table in June and July, both of which have been rejected by Kaltura.
A third offer of $3 per share values Kaltura at $383 million.
“Kaltura’s Board of Directors will evaluate the proposal in due course,” the company said in a statement. “Kaltura continues to execute on its strategy to power video experiences for learning, collaboration, entertainment, and events for organizations around the world.”
Private Equity Firm K1 Investment Management, which backs Panopto, has amassed a stake of 6.9% in Kaltura, which according to Bloomberg makes it the fifth largest shareholder.
Kaltura has lost ground since it debuted on Nasdaq in July 2021 at a value of valued at $1.24 billion. It’s share price rallied after news of the bid emerged.
In November Kaltura’s video platform debuted on Vodafone Germany following earlier Vodafone TV launches in Hungary and Czech Republic in 2020.
Last year Panopto acquired New York-based video company Syracuse. It emerged in 2007, targeting universities that wanted a way to capture, store, stream, and sort through videos of lectures before moving into enterprise video content management.
