Net Insight has signed an agreement to sell its ScheduALL business to Xytech Systems in a transaction valued at $6 million (€4.9m).
ScheduALL offers software-based resource optimisation solutions to media companies globally and has been part of the Net Insight group since 2015. Net Insight says the divestiture of ScheduALL reflects its strategy to focus on its core Media Networks business, where substantial progress has been made to capture growth opportunities across cloud, IP and remote production applications.
“With this transaction, we reach an important milestone in our journey towards a more focused and stronger Net Insight where we accelerate growth in our core Media Network’s business,” said Crister Fritzson, CEO of Net Insight. “ScheduALL has been a valuable part of the Net Insight portfolio and I would like to thank all ScheduALL employees for their contribution over the years. We believe Xytech is the best future owner of the business and look forward to partnering with them to continue to serve shared customers across the media industry.”
“By combining two of the strongest companies in the resource optimization industry, we massively improve scale and will be able to offer even better solutions to both existing and new customers. ScheduALL is very well respected by some of the world’s leading media houses and I look forward to working with their strong team to continue to support their existing customer base. I also see great value in the constructive future partnership with Net Insight,” added Richard Gallagher, CEO of Xytech.
The transaction is expected to close in the coming weeks, subject to satisfaction of customary closing conditions.