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."
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
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