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.