Communications equipment company Net Insight has announced plans to divest its Resource Optimization business area.
In a deal worth US$6 million, the business area known as ScheduALL will be sold to software company Xytech Systems Corporation, with the transaction expected to be completed in the coming weeks.
ScheduALL offers software-based resource optimization solutions to media companies globally and has been part of the Net Insight group since 2015. Net Insight said that the divestiture of ScheduALL reflects its strategy to focus on its core Media Networks business.
The transaction will see divestment of 100% of ScheduALL subsidiaries on a cash and debt free basis. Net Insight said that ScheduALL had operated independently and that the impact on its business will be limited as a result.
Crister Fritzson, CEO of Net Insight, said: “With this transaction, we reach an important milestone in our journey towards a more focused and stronger Net Insight where we accelerate growth in our core Media Network’s business. ScheduALL has been a valuable part of the Net Insight portfolio and I would like to thank all ScheduALL employees for their contribution over the years. We believe Xytech is the best future owner of the business and look forward to partnering with them to continue to serve shared customers across the media industry.”
Richard Gallagher, CEO of Xytech, said: “By combining two of the strongest companies in the resource optimization industry, we massively improve scale and will be able to offer even better solutions to both existing and new customers. ScheduALL is very well respected by some of the world’s leading media houses and I look forward to working with their strong team to continue to support their existing customer base. I also see great value in the constructive future partnership with Net Insight.”
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