SeaChange completes Timeline Labs acquisition
Acton-based video software maker SeaChange International said it has completed its acquisition of Timeline Labs, a California-based social media analytics developer.
The acquisition was announced in December, and SeaChange officials say it will support the company’s growth strategy by expanding its customer base and extending its expertise to television broadcasting and online video.
According to a statement released Wednesday, SeaChange has retained the former Timeline Labs employees and facilities in Los Angeles and San Francisco, and the former CEO, Malcom CasSelle, has been appointed senior vice president and general manager at SeaChange’s new digital media business unit. In addition, SeaChange said Timeline Labs co-founder and executive chairman Ed Wilson has been appointed to its board of directors.
“The core Timeline Labs software platform is very well established in broadcasting and I’m confident in our combined ability to grow faster in that target segment and globally in segments, including SeaChange’s core markets,” CEO Jay Samit said in a statement.
Under the acquisition agreement, SeaChange agreed to pay $14 million in cash and issue $8 million in shares of company stock to Timeline Labs shareholders, according to the statement. An additional payment of up to $2.5 million is payable in shares of stock based on financial targets over a two-year period. The deal is expected to be neutral to SeaChange’s earnings per share in fiscal 2016.
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