MARKHAM, Ontario—Enghouse Systems Limited has announced it has successfully completed its acquisition of substantially all of the assets of SeaChange International, Inc. related to its IPTV products and services business, for a purchase price of approximately $23 million (after the deduction of SeaChange's cash and cash equivalents at the closing date).
Enghouse noted that SeaChange's annual revenues are currently expected to be approximately $18 million.
SeaChange will be integrated within Enghouse's Asset Management Group which includes its IPTV business.
"This acquisition increases the scale of our IPTV business, augments our product offering and furthers our expansion into the European market", said Steve Sadler, chairman and CEO of Enghouse. "We are very pleased to welcome SeaChange's employees, customers and partners to Enghouse."
SeaChange had announced an agreement to be purchased by Enghouse in April. In August of last year, the financially troubled company had announced its voluntary decision to deregister its common stock with the U.S. Securities and Exchange Commission and delist its Common Stock from The Nasdaq Stock Market LLC.
SeaChange is a provider of streaming video services, cable TV broadcast platforms and advanced advertising insertion technology. Its StreamVid premium streaming product enables customers to cost-effectively launch and grow a direct-to-consumer service to manage, curate and monetize their content as well as form a direct relationship with their subscribers, while SeaChange's Advanced Advertising Platform helps to generate new Video Advertising revenues.
