Aferian subsidiaries 24i and Amino have been sold to Sapphire Technology Group Limited after the parent company entered administration.
The deal follows a strategic review of options for the business after Aferian’s lenders indicated support for a sale of the group’s operating subsidiaries as going concerns.
Sapphire Technology Group is acquiring both streaming specialist 24i and set-top box developer Amino, providing the businesses with new private ownership and long-term capital backing. The move is intended to ensure continuity of service for customers and protect jobs across the businesses.
Sapphire is wholly owned by Keith Todd CBE, who was Chairman of Amino from 2007 to 2019. Todd is an experienced technology entrepreneur and investor, who had previously forged a career as a footballer for Swansea Town.
However, Aferian said the expected proceeds from the sale will be significantly lower than the $16.5 million (€15.1 million) outstanding on the group’s secured banking facilities, meaning shareholders are unlikely to receive any return.
Sebastian Braun, CEO of 24i, said the acquisition marked a turning point for the company. “This marks a decisive new chapter for 24i. Our strategy is clear, our platform is proven, and our customer and partner relationships are strong. Backed by stable private ownership, we are doubling down on execution around our 24i Video Cloud to deliver measurable, sustainable revenue growth for our customers. We are building for the long term, with the stability, focus, and operational discipline our customers and partners are accustomed to.”
Mark Carlisle, CEO of Amino, said: “This investment allows us to intensify our focus on product execution, operational efficiency and customer outcomes. With stable private ownership behind us, we are accelerating innovation across our device and platform portfolio while maintaining the continuity our customers expect.”
Amino and 24i both confirmed they would continue operating under existing brand and leadership following the transaction.
