Acton video software company SeaChange International Inc. has decided not to pursue the possibility of being acquired, but its founder and CEO, Bill Styslinger, has retired.
SeaChange has named former Motorola executive Raghu Rau as interim CEO. Rau, who has served on the SeaChange board of directors for more than a year, said he will focus on improving the company’s financial performance and operations.
The Wall Street Journal reported in May that SeaChange was in talks with Arris Group Inc. of Georgia about a possible acquisition. The company now says it will continue as a standalone publicly traded company but will “continue to evaluate alternatives for certain non-core businesses.”
The company said it will now engage a firm to help with a search for a permanent CEO.
