SeaChange developing platform with Russian video operator
Photo/Grant Welker
SeaChange's Acton headquarters, which have been put on the market. The company has signed a deal with a Russian video operator.
SeaChange International, an Acton video software company, has agreed to develop a video viewing platform with a Russian video operator.
SeaChange and TotalVideo agreed to develop a multi-operator platform allowing video and cable providers in Russia to offer multi-screen services to subscribers, SeaChange announced.
The deal comes just after the company's latest effort to cut costs in its turnaround effort since revenues peaked in 2011. SeaChange said this month it will take further reductions expected to bring $6 million in annual savings, in part due to the laying off of 17 workers.
The company has closed seven locations, keeping just three: in Acton; Warsaw, Poland; and Eindhoven, The Netherlands. Two of its units, broadcast servers and storage, and media services, were sold in 2012 for a combined $32 million, eliminating more than 300 jobs. The company's Acton headquarters has been put on the market.
Third-quarter financials showed continuing slides in income. Revenue was $18.6 million, down from $23.4 million in the third quarter last year. The company's net loss was $3.8 million for the quarter.
TotalVideo will use SeaChange's PanoramiC platform, a cloud-based video management and delivery platform. SeaChange has been working in recent years to refocus its efforts on taking advantage of viewers' shifts to video streaming services.
As consumers watch video on more devices, video providers need to enhance their infrastructure to offer high-quality video on any platform, SeaChange CEO Ed Terino said. SeaChange didn't disclose financial details of the arrangement or how large of a market Russia is for the company.
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