Verimatrix has joined the wheeling and dealing around this week’s IBC show in Amsterdam with a play for Concurrent Computer Corp’s multi-screen video analytics business.
Financial terms were not announced, but Verimatrix, a maker of video security systems, said the deal will help to accelerate the development of its Verspective Intelligence Center, a cloud-based revenue security platform that it will demonstrate at this week’s show.
Update: Concurrent revealed in this 8-K filing that Verimatrix is paying $3.5 million for its multiscreen video analytics business. The deal is comprised of $2.75 million in cash, and $375,000 placed in escrow (as security for Concurrent's indemnification obligations to Verimatrix), a $375,000 deferred payment which will be paid to Concurrent on or before June 30, 2016 less any portion of such amount used to make indemnification payments to Verimatrix after exhaustion of the escrow).
The acquisition, it added, will also allow Verimatrix to tap into Concurrent’s base of existing customer relationships that includes tier 1 pay-TV operators. For its fiscal year ended June 30, 2015, Concurrent noted in this SEC filing that Cox Communications represented 9% of total revenues and Time Warner Cable represented 6% of our total revenue, and that they each represented 13% of total revenue for Concurrent's fiscal year ended June 30, 2014.
“We are excited to advance our Verspective platform and services to deliver more competitive value to our pay-TV operators through this highly strategic and targeted acquisition,” said Tom Munro, CEO of Verimatrix, in a statement. “Big data analytics are becoming a game-changer in the pay-TV market for operators to continually push the innovation envelope and increase ARPU. Maintaining security of that data can help enforce privacy rules while also ensuring integrity of the systems involved, making the combined offering a win-win for service providers and their subscribers.”
Weekly digest of streaming and OTT industry news
Thank you for signing up to Multichannel News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.