Miranda Technologies has entered into an agreement to acquire privately held VertigoXmedia and its broadcast division for approximately $11 million (Canadian) cash.
VertigoXmedia is a Montréal-based manufacturer of high-end graphics automation software and systems. The closing of the transaction is expected to take place in early May.
The transaction allows Miranda to add a suite of software workflow and graphics capabilities to its existing playout branding products. In addition, the VertigoXmedia graphics platform, a solution for the automated presentation of live graphics, would provide Miranda with a new product range for production environments.
VertigoXmedia has been in the broadcast and digital signage businesses for nearly 10 years, operating predominantly in North America. For the past three years, the company's broadcast division, which Miranda is expecting to acquire, has experienced an annual growth rate of approximately 20 percent, with gross margins over 60 percent.
Under the terms of the agreement, the 25 employees of VertigoXmedia's broadcast division will join Miranda. The digital signage division, which is excluded from the transaction and which employs 10 people, will be spun-off in a new entity independent of Miranda, prior to the acquisition.
