KIT digital Sells $110.4 Million of Stock, Says it will use Proceeds for Broadcast Industry M&A

Posted by Joe Zaller
Dec 10 2010

IPTV asset management solutions provider KIT digital said that it sold $110.4m of common stock in a recent public offering, netting the company approximately $102.5m after expenses.

As announced previously, the company says that it plans to use the proceeds of the offering “primarily to acquire and invest in competitive and complementary businesses as part of its growth strategy.”

Company chairman & CEO Kaleil Isaza Tuzman said that the company’s plan is to increase its market penetration from “current estimated 20-plus percent global market share to more than 50 percent within the next 24 months … through a vanguard of organic growth complemented by highly selective, accretive acquisitions.”

Tuzman   said that while the company will continue to evaluate small acquisitions that add geographical and sales vertical reach in areas where we could be relatively stronger, it is also considering “more transformative acquisition opportunities, where we might be able to acquire a top competitor and significantly extend our market share in one action.”

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You can read the full Kit digital announcement here.

Here is the full Kit digital offering prospectus, which provides useful company and market information.

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