Enghouse Expands Scale of Its IPTV
Business
MARKHAM,
ON, May 9, 2024 /CNW/ - Enghouse
Systems Limited (TSX: ENGH) today announced it has
successfully completed its acquisition of substantially
all of the assets of SeaChange International, Inc.
("Seachange") related to its IPTV products and services business,
for a purchase price of approximately US$ 23 million
(after the deduction of SeaChange's cash and cash equivalents at
the closing date). SeaChange's annual revenues are currently
expected to be approximately US$ 18 million (reflecting
adjustments for the recent completion of a large low margin custom
contract, the end of life of one of SeaChange's products and
certain other customer attritions).
SeaChange is a provider of streaming video
services, cable TV broadcast platforms and advanced
advertising insertion technology. The company provides their IPTV
technology to operators, broadcasters and content owners worldwide
to help them deliver the highest quality video experience to
consumers. Its StreamVid premium streaming product enables
customers to cost-effectively launch and grow a direct-to-consumer
service to manage, curate and monetize their content as well as
form a direct relationship with their subscribers, while
SeaChange's Advanced Advertising Platform helps to generate new
Video Advertising revenues.
SeaChange will be integrated within
Enghouse's Asset Management Group which includes its IPTV
business.
"This acquisition increases the scale of
our IPTV business, augments our product offering and furthers our
expansion into the European market", said Steve Sadler, Chairman and CEO of Enghouse. "We
are very pleased to welcome SeaChange's employees, customers and
partners to Enghouse."
About Enghouse Systems
Ltd.
Enghouse Systems Ltd. is a Canadian
publicly traded company (TSX:ENGH) that provides vertically focused
enterprise software solutions focusing primarily on contact
centers, video communications, healthcare, education,
telecommunications, public safety and the transit market. Enghouse
has a two-pronged growth strategy that focuses on internal growth
and acquisitions, which are funded through operating cash flows.
The company is organized around two business segments: the
Interactive Management Group and the Asset Management Group. For
more information, please visit
www.enghouse.com.
SOURCE Enghouse Systems Limited