Software company Partner One is to acquire video delivery firm SeaChange in a $30 million.
When various liabilities are taking into account SeaChange will receive Net Proceeds of between $13 million and $15 million.
SeaChange has provided support for clients’ Operator TV systems, Advanced Advertising insertion platforms, the StreamVid streaming enablement solution, and the Xstream FAST channel service platform.
“As previously reported, SeaChange has been active in evaluating its strategic alternatives to increase the scale of its technology platforms and leverage its software engineering teams, and we could not be more excited to partner with a world-class organization like Partner One for this journey. Our decision to monetize our product lines and sell our assets to a much larger and more experienced software company, like Partner One, is very positive news for our customers and is expected to generate new opportunities for our customers and teams,” said SeaChange’s Chief Executive Officer, Chris Klimmer. “With Partner One’s acquisition of these assets, SeaChange will be able to enhance its offerings to customers and continue to win market share in the dynamic PayTV, Video advertising and streaming markets.”
Partner One works in the storage, transfer and analysis of Big Data. It is also expanding rapidly with an offer on its website to consider the acquisition of companies with $5m – $200m in Annual Recurring Revenues.
“We are thrilled to welcome SeaChange’s renowned streaming and advertising technology into our portfolio. SeaChange’s track record of innovation and customer satisfaction aligns perfectly with our mission to empower businesses with market-leading technologies and impeccable service. Leveraging Partner One’s financial strength and the collective expertise, SeaChange’s technology will continue to drive success and profitability for operators, broadcasters, and content owners worldwide,” emphasised Nick Riuma, Principal at Partner One.
The deal is expected to close early in 2025.
