Amagi, a media technology company, said equity firm General Atlantic is leading a $100 million investment the firm will use to build out its cloud-based broadcast and streaming-TV business.
Amagi said the investment values the company at $1.4 billion, up from $1 billion in March, when the company raised $95 million.
“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalized content and engaging advertising experiences to their consumers,” Baskar Subramanian, co-founder and CEO of Amagi, said.
“We believe that General Atlantic, with their longstanding history of helping technology companies build enduring models, is the ideal investment partner for this stage of our growth journey,” Subramanian said. “We are thrilled to have their backing and look forward to leveraging their expertise.”
Amagi clients include ABS-CBN, A+E Networks UK, beIN Sports, Curiosity Stream, Cinedigm, Warner Bros. Discovery, Fox Networks, Fremantle, Gannett, Gusto TV, NBCUniversal, Tastemade, Tegna and Vice Media.
The company has expanded into Germany, South Korea and Australia.
“Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimize results for their broadcast and streaming partners globally,” Shantanu Rastogi, managing director and head of India at General Atlantic, said. “We look forward to partnering with the Amagi leadership team to further fast-track their growth as they continue to shape the future of cloud-based broadcast.” ■
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.