Once with $100M+ in annual revenues, former Acton video streaming firm to be acquired for $30M
Photo | Courtesy of SeaChange
SeaChange International President & CEO Chris Klimmer
SeaChange International, a company specializing in being a provider of video delivery and streaming platforms, has entered a purchase agreement to be acquired by Partner One, a Quebec-based software company.
The deal will see the assets of SeaChange sold for $30 million, minus the company’s cash and cash equivalents at closing. The company, which is now headquartered in Boston but was formerly based in Acton and Maynard, expects the net proceeds of the transaction to be between $13 to $15 million, according to a Monday press release from SeaChange announcing the sale.
The acquisition marks quite the change for the company that once had more than $100 million in annual revenues and as recently as 2018 was considered a top 50 company in the streaming business. The company struggled with an above-average amount of executive turnover and mounting annual losses, as well as a fight with a large investor, before delisting itself from the Nasdaq.
“Our decision to monetize our product lines and sell our assets to a much larger and more experienced software company, like Partner One, is very positive news for our customers and is expected to generate new opportunities for our customers and teams,” Chris Klimmer, SeaChange’s CEO, said in the Monday press release. “With Partner One’s acquisition of these assets, SeaChange will be able to enhance its offerings to customers and continue to win market share in the dynamic PayTV, Video advertising and streaming markets.”
Klimmer took over the CEO role at SeaChange in September, following the news that the company had voluntarily delisted itself from the Nasdaq stock exchange in an effort to save money on costs related to accounting and reporting associated with being publicly traded.
Partner One describes itself as one of the fastest-growing software companies in the world, with more than 1,200 enterprise customers, according to its website.
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