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

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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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