Graphics and virtual set specialist Orad announced that it will acquire 63.38% of Integrated Broadcast Information Systems Limited, (IBIS), a provider of Broadcast Media Asset Management (MAM) solutions, for $2.11m in cash. Orad also has the option to increase its holdings to 100% within the next 54 months at a price dependent on the future revenues and net profits. Completion of the transaction is expected within the next 3 months.
IBIS, which specializes MAM for fast turn-around file based workflows in news and sports environments, has customers including ESPN Star Sports, the BBC and the Irish Parliament, Dublin.
Avi Sharir President and CEO of Orad commented “we are extremely happy with the acquisition of IBIS. We see many synergies between IBIS’s portfolio and Orad’s graphics and video server range of solutions. The integrated solution between Orad and IBIS will further enhance Orad’s position in the sport and news market segments, offering our customers significant added value”
Press Release: Orad enhances its sports solutions with an investment for 63% of the fast turnaround MAM vendor – IBIS