Partner One to acquire SeaChange International assets

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Software conglomerate Partner One is to acquire the assets of video-on-demand technology pioneer SeaChange International.

The sale will see Partner One assume certain of SeaChange’s liabilities, for a purchase price of US$30 million, less SeaChange’s cash and cash equivalents.

SeaChange in recent years has supplied tech to support TV operators, advertising insertion insertion platforms, its StreamVid streaming solution, and the Xstream FAST channel service platform.

The Company currently expects the transaction will result in net proceeds to SeaChange of between US$13-15 million on closing.

Subject to shareholder approval, the sale is expected to close in the first quarter of SeaChange’s fiscal year 2025.

“As previously reported, SeaChange has been active in evaluating its strategic alternatives to increase the scale of its technology platforms and leverage its software engineering teams, and we could not be more excited to partner with a world-class organization like Partner One for this journey. Our decision to monetize our product lines and sell our assets to a much larger and more experienced software company, like Partner One, is very positive news for our customers and is expected to generate new opportunities for our customers and teams. With Partner One’s acquisition of these assets, SeaChange will be able to enhance its offerings to customers and continue to win market share in the dynamic pay TV, Video advertising and streaming markets,” said SeaChange’s Chief Executive Officer, Chris Klimmer.

“We are thrilled to welcome SeaChange’s renowned streaming and advertising technology into our portfolio. SeaChange’s track record of innovation and customer satisfaction aligns perfectly with our mission to empower businesses with market-leading technologies and impeccable service. Leveraging Partner One’s financial strength and the collective expertise, SeaChange’s technology will continue to drive success and profitability for operators, broadcasters, and content owners worldwide,” said Nick Riuma, Principal at Partner One.

The agreement includes a US$1 million termination fee payable to Partner One under certain circumstances, such as completion of an alternative acquisition transaction.

SeaChange’s main shareholder, with a 30.5% stake, has agreed to vote to approve the asset sale at a forthcoming special meeting of stockholders.