Digital video and workflow technology provider Telestream has announced that it has entered into a definitive agreement for the private equity investment firm Genstar Capital to acquire Telestream.
Terms of the deal were not announced. The companies expect the deal to close in mid-January.
"Genstar’s mid-market focus and deep expertise in the software industry will enable Telestream to further accelerate our growth,” said Dan Castles, Telestream's co-founder and CEO in a statement. "Over the past several years, Telestream has experienced its most significant growth. We look forward to our new partnership with Genstar as we increase our investment in existing products, accelerate our reach into new customer verticals and fuel our next phase of development through additional M&A activity. Our product portfolio and business models are well suited for the Genstar environment.”
In another statement, Eli Weiss, a managing director of Genstar noted that “Telestream is a leader in its market and has posted profitable growth since its founding. As even more content is generated and viewed on more devices, we believe the company will continue its demonstrated growth trajectory, and we will support Telestream’s experienced and successful management team to expand organic growth via new product releases and pursue add-on acquisitions.”
Telestream’s media processing platform Vantage, its live production and streaming software Wirecast and its video playback and inspection tool Switch are widely used in the TV industry.
The companies reported that Telestream will continue to operate as an independent entity with existing management teams continuing their current roles. Its headquarters will also remain in Nevada City, California with offices in Virginia, San Francisco Bay Area and Germany.
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