A week after announcing its divestment of its broadcast business, video-on-demand specialist SeaChange has said it will sell its services business On Demand Group, in order to concentrate on its software.
Speaking at the release of the company’s results CEO Raghu Rau said the company will seek a buyer for all its media services business. “We are actively engaged in the potential divestiture of our media services business,” he said and added that the unit was not core to the company’s strategy of turning itself into a pure software play.
“Our focus in fiscal 2013 is on the execution of our strategy to transform the company into a pure-play software provider, lowering our overall cost structure, delivering industry leading, next generation solutions and achieving superior financial results. We recently announced the divestiture of our broadcast servers and storage business and are actively engaged in the potential divesture of other non-core assets that do not fit into our long-term business strategy.”
SeaChange reported full year revenues of $197.7 million (€148m), down $4 million on the same period in 2010.