SeaChange is selling its broadcast server and storage business so it can focus on its software and services operations.
The business will be sold to a group of financial investors, led by a US-based venture firm, and renamed XOR Media.
SeaChange CEO Raghu Rau said, “This divestiture is an important part of our strategy to transform SeaChange into a pure play software company, significantly reduce our overall cost structure, and strengthen our ability to compete in delivering next generation multiscreen video solutions, while generating cash. It’s important to note that this sale is not a parting of ways between SeaChange and the new company XOR Media. We will continue to work together to offer our customers a complete solution. We see this divestiture as a step toward a future relationship – not the ending of one.”
The move is the latest in a series of measure designed to reduce costs. Earlier this year SeaChange said had reduced its workforce in a move that would result in over US$5 million (€3.8 million) in annualised cost reductions.
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