Partner One to acquire SeaChange
March 12, 2024
SeaChange International, a provider of video delivery, advertising, streaming platforms and FAST TV development, has entered into an asset purchase agreement under which an affiliate of Partner One, the software conglomerate, will acquire all of SeaChange’s assets for $30 million (€27.4m), less SeaChange’s cash and cash equivalents at closing.
SeaChange has traditionally supported clients’ Operator TV systems, Advanced Advertising insertion platforms, the StreamVid streaming enablement solution, and the Xstream FAST channel service platform. The company currently expects the transaction will result in net proceeds to SeaChange of between $13-15 million upon closing.
The Asset Sale, which has been approved by SeaChange’s Board of Directors, is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange’s outstanding common stock. Subject to such closing conditions, the closing is expected to occur in the first quarter of SeaChange’s fiscal year 2025.
“As previously reported, SeaChange has been active in evaluating its strategic alternatives to increase the scale of its technology platforms and leverage its software engineering teams, and we could not be more excited to partner with a world-class organisation like Partner One for this journey. Our decision to monetise our product lines and sell our assets to a much larger and more experienced software company, like Partner One, is very positive news for our customers and is expected to generate new opportunities for our customers and teams,” said SeaChange’s Chief Executive Officer, Chris Klimmer. “With Partner One’s acquisition of these assets, SeaChange will be able to enhance its offerings to customers and continue to win market share in the dynamic pay-TV, video advertising and streaming markets.”
“We are thrilled to welcome SeaChange’s renowned streaming and advertising technology into our portfolio. SeaChange’s track record of innovation and customer satisfaction aligns perfectly with our mission to empower businesses with market-leading technologies and impeccable service. Leveraging Partner One’s financial strength and the collective expertise, SeaChange’s technology will continue to drive success and profitability for operators, broadcasters, and content owners worldwide,” added Nick Riuma, Principal at Partner One.