SeaChange acquires meta-data software developer

$36.6 million purchase announced alongside mixed quarterly results.
Broadcast meta data, Broadcast server, EventIS, Video on demand, VOD, News, International News


Video on demand hardware and software developer SeaChange has acquired meta-data management tool specialist eventIS.

SeaChange has made an initial payment of US $36.6 million with further annual cash and stock payments of $2.8 million to former eventIS shareholders scheduled for the next three years.

EventsIS software is currently used by a number of high-profile services in Europe and beyond including RTL, Multichoice, Digiturk and the BBC.

The deal was announced as SeaChange declared its quarterly results.

“Despite a challenging economic climate that has negatively impacted our Advertising Insertion and Broadcast product lines, we are pleased that, excluding one-time acquisition-related costs, we were able to show a profit for the second quarter,” said Bill Styslinger, chairman and CEO, SeaChange.

The company saw reduced revenues of $46.5 million for Q2 fiscal 2010, compared to $50.7 million for the same period last year.

Despite a revenue reduction of $2.4 million in its servers and storage business, SeaChange’s media services operations generated $0.7 million more than the same period last year.

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