Posts Tagged ‘Broadcast Industry M&A’

Telestream to Acquire IneoQuest

Analysis, Broadcast Vendor M&A | Posted by Josh Stinehour
Mar 09 2017

Telestream announced that it has agreed to acquire IneoQuest, a provider of quality control and analytics solutions for broadcast and network providers.  The closing of the transaction remains subject to customary conditions and is expected to occur toward the end of the month.  Telestream-IneoQuest

This is the second test and quality control (QC) firm Telestream has acquired in the past six months.  In September 2016, Telestream purchased UK-based Vidcheck.  It also makes the second acquisition by Telestream
since being acquired by private equity owner GenStar in January 2015.

The terms of the deal were not disclosed.  IneoQuest last publicly disclosed revenue in 2011 (as part of the Inc. 5000), when annual revenue was just below $40 million.  An interview of IneoQuest’s CEO Calvin Harrison, by CEOCFO magazine in April 2013, quoted Calvin as projecting “double digit growth again this year.”  There has been no subsequent guidance on revenue performance by IneoQuest.

Commenting on the transaction, Calvin stated, “We are happy to be joining the Telestream family and are looking forward to seeing our technology contribute to Telestream’s next phase of growth.”

As part of the press release announcing the acquisition, Telestream management focused on how IneoQuest expands Telestream’s existing capabilities in quality control and monitoring.  “When it comes to media processing and delivery, the Telestream brand has become synonymous with quality. With the addition of IneoQuest technology to our existing QC capabilities, our customers will have the ability to monitor quality at any point in the delivery pipeline, making diagnosing and correcting a problem easier than ever before” explained Dan Castles Telestream’s CEO.

 

Related Content:

Telestream Press Release

 

 

© Devoncroft Partners 2009 – 2017. All Rights Reserved.

 

 

Avid Receives Investment from Beijing Jetsen Technology; Signs Exclusive Distributor Agreement

Analysis, Broadcast Vendor M&A | Posted by Josh Stinehour
Jan 31 2017

Beijing Jetsen Technology (“Jetsen”) will invest $18.1 million (USD) in Avid Technology for a minority equity stake of between 5.0% and 9.9%.  Jetsen will also receive a board observer seat on Avid’s board of directors. Closing of the investment is subject to government approvals, which Avid expects to receive during the second quarter of 2017.  Avid_Technology_logo

The final ownership percentage is determined by dividing the investment amount of $18.1 million by the volume-weighted (i.e. denominator is cumulative volume) average market price of Avid’s shares for the 30 days preceding the closing date.  As a reference point, Avid shares closed at $5.03 on Monday, January 30, 2017.  Using this share jetsenlogoprice figure, the investment would equate to an equity stake of approximately 8.2% on a fully diluted basis.

Jetsen is headquartered in Beijing, China and listed on the Shenzhen stock exchange (2011 IPO).  Jetsen’s has operations in several segments of the media sector including an integration services business, a production company, along with investments in film and television programming.  At current exchange rates Jetsen had over $450 million (USD) in total revenue for the twelve month period ending September 2016.  Jetsen is active in several other verticals in addition to media.  Based on a review of its 2015 annual report, media operations accounted for approximately 30% of total revenue.

Avid provided the below summary slide on Jetsen as part of its presentation accompanying the announcement.

jetsen-summary

Concurrent with the investment, Avid entered into a commercial partnership making Jetsen the exclusive (master) distributor of all Avid products and solutions for the Greater China region (encompassing China, Hong Kong, Macau, and Taiwan).  All existing Avid channel partners in Greater China will transfer to Jetsen.  The agreement will also include technical support, with any associated maintenance revenue benefiting Jetsen.

“Jetsen’s strong position in the region, combined with Avid’s market-leading products and comprehensive solutions, presents an exciting opportunity for Greater China’s fast-growing media industry,” said Shengli Han, CEO, Beijing Jetsen Technology.

Avid will receive annual minimum performance guarantees for Greater China amounting to an approximately 15% annual growth for the region.  The growth refers to both recognized revenue and cash received.  The contract has a duration of five years.  The total contract value for the first three years alone represents at least $75 million to Avid.

In addition, Jetsen will take over Avid’s operations in Greater China.  This represents a cost savings to Avid in the amount of $3 million annually.  The below slide from Avid’s presentation offers a summary of the key terms.

jetsen-gotomarket

During the conference call with analysts, Louis Hernandez, Jr., Chairman and Chief Executive Officer of Avid added context on the rationale behind the equity investment by Jetsen.  “They [Jetsen] are really the ones that wanted to infuse equity. We had several ideas we were running to shore up our liquidity and cash not because of our concerns, we know it’s a significant concern to investors, so we wanted to take that out of the equation so they focus on what’s about to happen with the end of the transformation, and but that’s something they wanted to do. As long as we structured in a way that would minimize dilution, we are open minded to it and that’s where what how we ended up.” said Hernandez.

Throughout the conference call with analysts Louis Hernandez, Jr. referenced Avid’s ongoing transformation, which management has communicated will end with the second quarter of 2017.  Consistent with this message, Hernandez added the following commentary on the Jetsen agreement, “As we start to enter the next phase of Avid’s strategy, our agreement with Jetsen will give us much stronger go-to-market capabilities to expand our market position, drive consistent business growth and have the needed partner to accelerate our cloud-enabled Avid Everywhere strategy across Greater China.”

 

 

Related Content:

Avid Press Release on Beijing Jetsen Technology Agreement

Avid Presentation on Beijing Jetsen Technology Agreement

 

 

© Devoncroft Partners 2009-2017.  All Rights Reserved.

 

 

Vitec Group acquires Wooden Camera for Consideration Up to $35 million

Analysis, Broadcast Vendor M&A | Posted by Josh Stinehour
Sep 20 2016

The Vitec Group has acquired Wooden Camera, a provider of camera accessories including baseplates, cages, hand grips, matte boxes, monitor mounts, shoulder rigs, and zip boxes.  deal-logo

Wooden Camera is based in Dallas, Texas and privately owned by its management team, Ryan and Elizabeth Schorman.  Both will remain with business post-acquisition.  Wooden Camera will become part of Vitec’s Broadcast Division.

The press release announcing the acquisitions cites the opportunity to grow Wooden Camera through expanded distribution as part of Vitec’s global sales network.  Also noted in the announcement is the opportunity for Wooden Camera to benefit from Vitec’s manufacturing and product sourcing capabilities.

As part of the acquisition announcement The Vitec Group disclosed portions of Wooden Camera’s recent financial results along with the high-level deal terms.

Wooden Camera generated an unaudited adjusted EBITDA of £1.9 million ($2.5 million) for the 2015 calendar year.   Management indicated Wooden Camera has grown in the year-to-date period of 2016.

The upfront cash consideration is £15.3 million ($20.0 million), which is subject to post-closing adjustments.  The deal also includes a potential earn out representing an additional £11.5 million ($15.0 million) of consideration.  The earn out payments are based on Wooden Camera achieving “demanding” EBITDA targets for the financial periods thru the close of the 2018 calendar year.  The 2018 EBITDA target is $7.3 million (this represents an almost tripling of 2015 EBITDA).   Vitec will finance the transaction using its existing banking facility.

Using the 2015 EBITDA disclosure, the upfront consideration values Wooden Camera at 8.0x 2015 EBITDA (not including the earn-out).  The total consideration has the potential to value Wooden Camera at 17.5x 2015 EBITDA.  Since more than 40 percent of the total potential deal value is in the form of an aggressive earn-out, it is more appropriate to focus on the implied valuation of the upfront consideration.  The multiple of 2016 EBITDA – though unavailable – is likely less since Wooden Camera has continued to grow.

To put these figures in context, The Vitec Group currently trades in the public markets at a valuation of 7.8x trailing twelve month EBITDA and 1.0x trailing twelve months of revenue (on an enterprise value basis).

The press release states “The Board expects the acquisition to be immediately earnings enhancing.”  This statement is then clarified in the notes to the press release as follows, “This statement should not be taken to mean that earnings per share of The Vitec Group plc will necessarily exceed or be lower than historic earnings per share of The Vitec Group plc and no forecast is intended or implied. This refers to earnings before charges associated with acquisition of businesses.”

It is interesting to reflect on the impact of a weaker GBP currency on the transaction pricing.  The “Brexit” referendum of June 23, 2016 precipitated a decline of the GBP versus the US dollar.  A weaker GBP should – on balance – benefit Vitec’s revenue results.  However, it will make expenditures in other currencies more expensive, including the acquisition of a US-based business as is the case with Wooden Camera.  On June 1, 2016 the exchange rate was 1.44 USD / GBP.  The figures in The Vitec Group press release were based on an exchange rate of 1.31 USD / GBP or 9% lower.  Meaning, the acquisition in GBP terms was 9% more expensive because of the recent disruption in the GBP currency.

The Vitec Group often structures its acquisitions with a substantial portion of contingent consideration.  This was also the case in the recent acquisitions of Offhollywood, SmallHD, and Teradek.

Commenting on the acquisition Vitec’s Group Chief Executive Stephen Bird stated, “I am delighted to welcome the Wooden Camera team to Vitec. Wooden Camera’s products are the glue that binds all the building blocks together on a professional camera system.  This leading business complements Vitec’s strategy of providing premium branded broadcast products and services to our customers to capture and share exceptional images. The business has great prospects and we anticipate that it will generate a good return on our investment.”

 

 

Related Content:

Vitec Group Press Release on Wooden Camera Acquisition

 

 

© Devoncroft Partners 2009-2016.  All Rights Reserved.

 

 

Media Tech Vendor M&A: Blackmagic Design Acquires Ultimatte

broadcast technology market research, Broadcast Vendor M&A | Posted by Joe Zaller
Sep 09 2016

Blackmagic Design today announced it has acquired blue and green screen Ultimatte.

Terms of the deal were not disclosed.

Ultimatte was founded in 1976 and has won an Emmy for their realtime compositing technology, a Lifetime Achievement Award from the Academy of Motion Picture Arts and Sciences, as well as an Oscar.

Ultimatte is known worldwide for delivering broadcast quality compositing results that make virtual sets indistinguishable from real sets. Ultimatte creates realtime blue and green screen removal hardware that is used in broadcast studios around the world to seamlessly composite reporters, talk show hosts and more into virtual sets. Almost every newscaster and weather reporter stands in front of a green or blue screen while delivering the news and weather. For the past 40 years, Ultimatte has been the industry standard hardware or software responsible for keying these people in front of weather maps, stock charts, and other info graphics. In fact, many of these newscasters are using Ultimatte to place them into completely virtual sets.
Ultimatte uses advanced 4:4:4:4 image processing and provides enhanced matte controls that lets customers accurately separate the subject from the background. Customers also get matte correction features, indirect and direct lighting features, spill suppression tools, edge artifact controls and more, all in realtime.
“Ultimatte’s realtime blue and green screen compositing solutions have been the standard for 40 years,” said Grant Petty, Blackmagic Design CEO. “Ultimatte has been used by virtually every major broadcast network in the world. We are thrilled to bring Ultimatte and Blackmagic Design together, and are excited about continuing to build innovative products for our customers!”

 

SES Completes Acquisition of RR Media; Renames MX1

Broadcast Vendor M&A, Media Services M&A, OTT Video | Posted by Josh Stinehour
Jul 06 2016

Satellite service provider SES today announced the completion of its acquisition of RR Media (NASDAQ: RRM), a provider of media services to the broadcast and media industries.  The acquisition was announced in late February 2016, but had been pending closing conditions and regulatory approvals.  RR Media’s shares ceased trading on the NASDAQ today.   SESLogo

As indicated in the original announcement, SES is merging the operations of RR Media with its Platform Services group to create a larger global media solution provider.  The new combined group will operate under the trade name MX1.  Avi Cohen, the previous CEO of RR Media, will serve as the CEO of MX1.MX1

The press release announcing the new trade name highlights the origin of MX1 from the below statement.

“Bringing it all together for the first time, MX1 aims to be the new number 1 in Media eXperience.”

SES’s new MX1 subsidiary will have 16 offices worldwide and six media centers.  MX1 is now responsible for distributing more than 1,000 TV channels, managing 440 channels of playout, and delivering content to over 120 subscription VOD platforms.

MX1 and SES’s HD Plus subsidiary will constitute the SES Media Solutions group led by Wilfried Urner.  HD Plus is a HD satellite TV offering in Germany.

Mr. Urner commented on the acquisition as follows, “We are confident that the new MX1 will leverage the expertise and success they have garnered in their respective key markets to expand their product portfolio. The addition of MX1 to the SES group is a first step in globalising SES’s video services business and in accelerating the completion of our goal to become one of the leading next generation media service providers”

Avi Cohen, CEO of MX1, added, “This is an exciting day for us as we introduce a new company to the industry and our new brand name and logo…This merger allows us to scale-up on a global basis and become the world’s leading media services provider, delivering next-generation digital video and media solutions to our worldwide customers.”

 

Related Content:

Press Release: SES Press Release on Completion of the Acquisition

Press Release: MX1 Reveals New Company Brand as a World-Leading Media Services Company

SES to Acquire RR Media for $242 Million in All-Cash Deal

 

 

© Devoncroft Partners 2009-2016.  All Rights Reserved.

 

 

Francisco Partners Acquires SintecMedia

Analysis, Broadcast Vendor M&A | Posted by Josh Stinehour
Apr 27 2016

Sintec and FP logo

Francisco Partners has acquired SintecMedia, a well-known provider of broadcast business management software.

Financial details of the transaction were not made public. However, according to Reuters, the deal was valued at approximately $400 million.

Francisco Partners is a technology-focused private equity firm.  Francisco has existing familiarity with the media technology sector having purchased Grass Valley from Technicolor in January 2011 .  Francisco operated Grass Valley for nearly four years before exiting the investment in 2014 with Grass Valley’s sale to Belden.

SintecMedia had been owned by private equity firm Riverwood Capital.  Riverwood acquired SintecMedia in 2010 from existing venture capital investors including Walden Israel and Sequoia Capital.  Riverwood then supported SintecMedia through a series of acquisitions including Argo Systems , StorerTV , and more recently Broadway Systems.  In early 2014 Riverwood provided almost half the financing to support Sintec’s acquisition of competitor Pilat Media in a transaction valued at $103.5 million.

In the press release announcing the transaction, CEO and co-Founder of SintecMedia Amotz Yarden, stated, “Nothing is changing in SintecMedia’s business operations. We will continue to play a pivotal role in the way advertising is bought, sold and managed in the diverse media industry and our customers will continue to receive future-proof technological continuity combined with our innovative aptitude and deep domain expertise. I look forward to many years of exciting growth.”

Matt Spetzler from Francisco Partners added, “We have followed SintecMedia for over six years and are thrilled to back the company and its management team as they continue to consolidate their leading position in helping media companies monetize their assets. The broadcast and media industries are entering a phase of innovation and change and SintecMedia is uniquely positioned to help customers capitalize on this opportunity with a strong market position and new products.”

 

Related Content:

Press Release: Francisco Partners Acquires SintecMedia

 

 

© Devoncroft Partners 2009 – 2016. All Rights Reserved.

 

 

Don’t Miss The Media Technology Business Summit at the 2016 NAB Show

Analysis, broadcast industry technology trends, broadcast industry trends, Broadcast technology vendor financials, Broadcast Vendor M&A, Conference Sessions, technology trends | Posted by Joe Zaller
Apr 16 2016

Media Technology Business Summit

1:00pm – 5:00pm, Sunday, April 17, 2016

Las Vegas Convention Center, Room N249

Open to all 2016 NAB Show Registrants

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2016 Devoncroft NAB Media Technology Busienss Summit

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Conference Agenda

1:00pm – Strategic Industry Analysis: Valuations, M&A, and Equity Finance

  • Joshua Stinehour, Principal Analyst Devoncroft

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1:25pm – Follow the Money: Trends Driving Media Investment

  • Joe Zaller, Founder & President Devoncroft

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1:50pm – Change is the New Normal: Transforming for Business Success in the New Media Landscape

  • Ulf Ewaldsson, SVP, Group CTO, & Head of Group Function Ericsson

 

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2:10pm – The Vendor C-Suite: Strategies for an Evolving Market

  • Louis Hernandez, Jr., President & CEO Avid
  • Charlie Vogt, CEO Imagine Communications
  • Larry Kaplan, Founder & CEO SDVI
  • Dan Castles, CEO Telestream

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2:50pm – The Broadcaster C-Suite: Trends Driving Investment Decisions

  • John Honeycutt, CTO Discovery Communications
  • Renu Thomas, EVP Media Operations, Engineering & IT Disney/ABC Television Group
  • Richard Friedel, EVP and GM Fox Network Engineering and Operations
  • Håvard Myklebust, CTO TV2 Norway

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3:30pm – Leveraging Hyperscale IT Infrastructure for Next-Generation Media Workflows

  • Michelle Munson, President, CEO, and Co-Founder Aspera, an IBM Company
  • Michael Koons, VP, Worldwide Systems Engineering Cisco Systems
  • Tom Burns, CTO, Media & Entertainment EMC/Isilon
  • Ulf Ewaldsson, SVP, Group CTO, & Head of Group Function Ericsson

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4:00pm – Service Provider C-Suite: Perspectives on Industry Trends

  • Chris Walters, CEO Encompass Digital Media
  • Ramki Sankaranarayanan, Founder & CEO Prime Focus Technologies
  • Avi Cohen, CEO RR Media

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4:30pm – AWS Keynote – “All In”: Cloud Transformation of the Media Industry

  • Alex Dunlap, General Manager AWS CloudFront
  • Sam Blackman, CEO and Co-Founder Elemental Technologies

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We look forward to seeing you there. Additional information on the Summit is available from the Devoncroft Partners website and the NAB Show website.

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© Devoncroft Partners 2009 – 2016. All Rights Reserved.

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Media Technology CTOs to Discuss What Drives Their Investment Strategies at 2016 NAB Show Conference

Analysis, broadcast industry technology trends, broadcast industry trends, broadcast technology market research, Broadcast Vendor M&A, Conference Sessions, technology trends | Posted by Joe Zaller
Apr 11 2016

If you want to understand what’s driving media technology investments, don’t miss The Broadcaster C-Suite: Trends Driving Investment Decisions” at the 2016 NAB Show.

This moderated panel discussion about how evolving business models will drive media technology spending features four top executives: Richard Friedel- EVP and GM FOX NE&O; Håvard Myklebust – CTO of TV2 in Norway;  John Honeycutt – CTO of Discovery Communications; and Renu Thomas – EVP Media Operations, Engineering and IT at the Disney/ABC Television Group.

 

Devoncroft NAB 2016 Broadcaster Panel

 

This panel is just one of the sessions in the 2016 Media Technology Business Summit, produced by Devoncroft Partners and the NAB Show.

Designed to be a thought-provoking kickoff to the 2016 NAB Show, this half-day conference examines the “the business of the media business” from the perspective of all levels of the media value chain.  It is also an opportunity to network with the media technology executive community ahead of the start of the exhibition.

The Media Technology Business Summit is a half-day conference.  It starts at 1pm on Sunday April 17th, 2016 in room N249 of the Las Vegas Convention Center.

This event has been standing-room only for the past four years.  So please come early if you want a seat.

Admission is open to all registered 2016 NAB Show attendees (remember to bring your NAB Show badge).

Full details are available here, and on the NAB Show website.

 

 

 

© Devoncroft Partners 2009 – 2016. All Rights Reserved.

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Speakers Announced for the 2016 NAB Show Media Technology Business Summit

Conference Sessions | Posted by Josh Stinehour
Apr 04 2016

We are pleased to announce the full agenda and speaker lineup for the fifth annual Media Technology Business Summit at the upcoming 2016 NAB Show.

As a reminder, the Summit starts at 1pm on Sunday April 17th and is located in room N249 of the Las Vegas Convention Center.  The event is co-produced by Devoncroft Partners and the organizers of the NAB Show.  Admission is available to all NAB Show exhibitors and registered attendees (remember to bring your NAB Show badge).

Designed to be a thought-provoking kickoff to the 2016 NAB Show, this half-day conference examines the “the business of the media business” from the perspective of all levels of the media value chain.  It is also an opportunity to network with the media technology executive community ahead of the start of the exhibition.

An overview of the conference is included below.  Full details are available on the NAB Show website.

 

2016 NAB Show Media Technology Business Summit

 

1:00pm – Welcome and Introductions

Presenter:

  • Joe Zaller, President Devoncroft Partners

 

1:05pm – Strategic Industry Analysis: Valuations, M&A, and Equity Finance

Josh Stinehour of Devoncroft will take the podium for his annual (enthusiastic) presentation on developments in the media technology sector.  If you have any final announcements you would like Josh to consider for his presentation, let him know.

Here is a link to the NAB Show website individual session listing.

Presenter:

  • Josh Stinehour, Principal Analyst Devoncroft Partners

 

1:25pm – Follow the Money: Trends Driving Media Investment

Devoncroft founder Joe Zaller will present a summary of key data derived from a variety of broadcast market intelligence projects including the 2016 Big Broadcast Survey, the industry’s definitive demand-side market study. This market data will highlight the technology investments made in 2015, expectations for technology spend in 2016, and key trends driving technology investments.

Here is a link to the NAB Show website individual session listing.

Presenter:

  • Joe Zaller, President Devoncroft Partners

 

1:50pm – Change is the new normal: Transforming for business success in the new Media landscape

As the Media industry undergoes massive transformation, only the strongest or most considered will survive. To win at a time when change is the constant requires technology shifts, operational re-organizations and completely new business models that address the challenges of the new Media landscape of consolidated customers, and ever more fickle consumers.

Ericsson’s SVP and Group CTO, Ulf Ewaldsson, will reflect on how Ericsson’s own transformation, and that of Telecoms and ICT, has parallels with the Media industry, and why Ericsson has invested to become one of the largest global TV & Media providers of products and services. The session will also highlight some of the latest technologies that underpin success, and just how different a business mindset is needed to excel.

Here is a link to the NAB Show website individual session listing.

Presenter:

Ulf

2:10pm – The Vendor C-Suite: Strategies for an Evolving Market

CEOs from four leading media technology suppliers will debate the most important commercial issues facing the industry, and discuss their strategies to position their companies for success in a rapidly evolving marketplace.  The panelists will also offer opinions on how changes in the business environment are impacting vendors and customers.

Here is a link to the NAB Show website individual session listing.

Moderator:

  • Joe Zaller, President Devoncroft Partners

Panelists:

NAB 2016 Devoncroft Vendor CEO Panel

 

2:50pm – The Broadcaster C-Suite: Trends Driving Investment Decisions

Senior technology executives from leading broadcasters will offer informed perspectives on the most significant industry trends affecting technology budgets and the technology purchase decision.  The audience will benefit from an emphasis on the business implications of technology decisions to broadcasters.

Here is a link to the NAB Show website individual session listing.

Moderator:

  • Joe Zaller, President Devoncroft Partners

Panelists:

NAB 2016 Devoncroft Broadcaster CTO Panel

 

3:30pm – Leveraging Hyperscale IT Infrastructure for Next-Generation Media Workflows

A panel of executives from well-known IT vendors operating in the media technology sector will offer the IT community perspective on developments in the media sector. Participants will also share opinions on the implications of broader technology advancements to the sector. In particular the discussion will focus on the role of the IT vendor in the ongoing transition of the media technology sector to take advantage of technologies such as IP and virtualization.

Here is a link to the NAB Show website individual session listing.

Moderator:

  • Al Kovalick, Media Systems Consulting

Panelists:

NAB 2016 Devoncroft IT Panel

 

4:00pm – The Service Provider Perspective on Industry Trends

A panel of executives from leading media service providers will discuss views on both technology developments and deployment considerations for media organizations.  Discussion topics will include solutions for multi-platform content delivery, the economics of outsourcing, how service providers can leverage their scale to deliver increased performance and agility, and how next-generation data center architecture may impact the media ecosystem.

Here is a link to the NAB Show website individual session listing.

Moderator:

  • Josh Stinehour, Principal Analyst Devoncroft Partners

Panelists:

NAB 2016 Devoncroft Service Provider Panel

 

4:30pm – AWS Keynote – “All In”: Cloud Transformation of the Media Industry 

Amazon Web Services and Elemental leaders discuss the unprecedented impact of the cloud on media and entertainment industry business models. Alex Dunlap, general manager of Amazon CloudFront, and Sam Blackman, CEO and co-founder of Elemental, will share insights about media leaders who are going “all in the cloud”. The session will discuss cutting edge end-to-end media workflows, the advantages of video processing and delivery from the cloud, and how Amazon’s 2015 acquisition of Elemental represents the future of the media industry.

Here is a link to the NAB Show website individual session listing.

Presenters:

NAB 2016 Devoncroft AWS Keynote

 

 

© Devoncroft Partners 2009 – 2016. All Rights Reserved.

 

 

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