Posts Tagged ‘The Carlyle Group’

Media Service Provider Vubiquity Acquired by Amdocs

broadcast technology market research, Broadcast Vendor M&A, Conference Sessions, Media Services M&A, OTT Video | Posted by Josh Stinehour
Feb 01 2018

Multi-billion dollar, multi-national Amdocs has signed a definitive agreement to acquire media service provider Vubiquity.

The $224 million cash deal has been approved by both the Boards of Directors of Vubiquity and Amdocs, and is expected to close during the second quarter of FY2018.

Amdocs (NASDAQ: DOX) is a provider customer service software to communications and media customers such as OSS (operational support systems) and BSS (business support systems) systems.  This acquisition is a significant expansion into the media industry for Amdocs, who did not have a booth at this past IBC and does not have a booth at this upcoming NAB Show (at the time of this writing).

Amdocs had already started to move deeper into the media technology sector with its September 2016 acquisition of Vindicia, a provider of subscription and payment solutions.  Vindicia’s payment solutions support several digital offers such as the BBC & iTV Britbox service and NBA League Pass. Amdocs purchased Vindicia for $90M.

This acquisition is a much further move into the media supply chain.  Vubiquity is a managed service provider connecting content owners and publishers with video distributors – both traditional PayTV operators and OTT publishers.  In its collateral Vubiquity cites relationships with over 650 premium content producers (film studios, television networks, etc …) and over 1,000 global video distributors (PayTV operators, OTT publishers, etc …).

Vubiquity had raised a total of $237.2 million over four rounds of funding between 2007 and 2012.  Current private equity owners include Columbia Capital and The Carlyle Group, whom invested $100 million of new funding as part of the Company’s purchase of SeaChange’s On Demand Group in 2012.

A series of M&A transactions built Vubiquity, beginning with the 2009 merger of Avail Media and TVN Entertainment – subsequently “Avail-TVN.”  Avail-TVN rebranded as Vubiquity in early 2013.

Later in 2013, Darcy Antonellis, then Warner Bros. CTO, joined Vubiquity as CEO.  Darcy’s notable resume also includes two speaking appearances at Devoncroft’s annual Media Technology Business Summit (see photo on left).  At the closing of the transaction Darcy will join Amdcos as head of the Amdocs Media Division.

More recent deals for the DETE (Digital-End-to-End) service from the Warner Bros. Technical Operations and Juice Worldwide, a digital supply chain solution company, further expanded Vubiquity’s portfolio.

The press release announcing the transaction states the “impact of the acquisition on Amdocs’ diluted non-GAAP earnings per share is expected to be neutral in fiscal year 2018, and accretive thereafter.” Since this is a cash transaction, it is difficult to derive any meaningful view on deal multiples from that statement.  However, Amdocs offered greater detail during its earnings call with analysts.

Tamar Rapaport-Dagim, CFO Amdocs, indicated an expectation of Vubiquity to contribute “approximately $100 million in the first 12 months after closing.” Ms. Rapaport-Dagim continued, “Vubiquity, as you can understand from the message that we think it will be a neutral impact on EPS in fiscal 2018 it’s coming with a low margin to start with. And we believe we can build it up along the time quite quickly, given both the top-line synergies and the cost structure synergies we see in front as opportunities.”

Using expected revenue contribution as a proxy for annual revenue suggests a deal multiple of 2.2x sales.

The stated level of revenue contribution contrasts with several earlier public data points on Vubiquity’s annual sales.  At the time of its rebrand, Management gave public guidance of annual revenue in excess of $250 million. Also, the inc5000 lists Vubiquity’s annual revenue in 2013 at $296.8 million.  Some caution is appropriate in concluding revenue has meaningfully decreased since Vubiquity’s business model may have passed thru content licensing revenue.  Such mechanisms or accounting treatment could result in materially different statements on revenue, depending on the context of the statement.

All communications by Amdocs cited a view of convergence between communications and media & entertainment.  “Investing in the growth engines of tomorrow is a core discipline of Amdocs and we see considerable opportunity resulting from the increased convergence of communications with media and entertainment” stated Eli Gelman, CEO Amdocs.

Mr. Gelman provided further commentary on the rationale during Amdocs earnings call with analysts.

“…we see increasing convergence between traditional wireless and Pay TV distributors, content owners and large OTT players.  By acquiring Vubiquity, we believe Amdocs will be uniquely positioned to address the requirements of distributors, content owners and web players as the lines between each become increasingly blurred.

Second, media and entertainment companies like Disney, HBO and Time Warner are reaching out directly to the end users with a direct content-to-consumer business model or what is called D2C direct-to-consumer. This trend requires new systems to support an improved customer experience that we believe Amdocs is well-positioned to provide.”

 

 

Related Content:

Video Message From Vubiquity and Amdocs Management

 

 

© Devoncroft Partners 2009-2018.  All Rights Reserved.

 

Today: NAB 2013 Media Technology: Strategy and Valuation Conference

broadcast technology market research | Posted by Joe Zaller
Apr 07 2013

If you are in Las Vegas to attend the 2013 NAB Show, you don’t want to miss the second annual “Media Technology: Strategy and Valuation,” conference which is being co-produced by Devoncroft, Silverwood Partners and the organizers of the NAB Show.

This event is free for all registered attendees of the 2013 NAB show.

It is being  held in room N239/241 of the Las Vegas Convention Center on Sunday April 7th from 1:45 p.m. to 6:00 p.m.

This year’s conference features an intensive, information-packed series of presentations and panels that discuss the strategic trends and industry-specific factors influencing the value of media technology companies.

We’ve worked hard to put together an outstanding line-up of speakers and presenters, including top technology buyers, leading technology vendor CEOs, and private equity investors who will speak to the opportunities and challenges involved with financing the next phase of technology change in the industry.

The agenda will offer attendees the informed opinions of technology purchasers, industry executives, market research organizations, and financial professionals. The event will serve as a thought-provoking kick-off to the 2013 NAB Show.

This session is intended for senior executives from technology vendors, end-users, and investment firms in the media technology sector.

We are expecting 200+ attendees based on the latest registration numbers, so it’s a good networking opportunity as well.

 

Here’s the conference agenda:

 

1:45 pm – 1:50 pm

WELCOME AND INTRODUCTION

Joe Zaller – President, Devoncroft Partners

 

 

1:50 pm – 2:20 pm

NAB SHOW SPROCKIT PRESENTATIONS

Hear from three market-ready start-ups who have been selected by the NAB’s SPROCKIT initiative.  This session will include an introduction of the SPROCKIT initiative followed by presentations from three of NAB Show’s inaugural SPROCKIT participants.

Presenter(s):

  • Hilary DeCesare, Co-Founder and CEO, Everloop
  • Heidi Messer, Co-Founder & Chairman, Collective[I]
  • John West, Founder & CEO, The Whistle

 

 

2:20 pm – 2:45 pm

THE BROADCAST & MEDIA TECHNOLOGY INDUSTRY IN 2013

Joe Zaller will present a summary of key data derived from the newly published 2013 Big Broadcast Survey (BBS), the largest and most comprehensive study of the broadcast industry. Key results from the 2013 BBS will include key investments areas as well as trends of significance that are impacting these purchasing decisions.

Joe Zaller – President, Devoncroft Partners

 

 

2:45 pm – 3:10 pm

STRATEGIC INDUSTRY ANALYSIS: VALUATIONS, M&A, AND EQUITY FINANCING

Jonathan Hodson-Walker and Joshua Stinehour of Silverwood Partners will present an analysis of strategic industry trends and the specific factors that affect company valuations, including transaction activity and valuations; vendor strategic considerations; and the current M&A environment along with near-term expectations. Attendees will also learn which businesses are buyers and investors targeting and why.

Presenter(s):

  • Jonathan Hodson-Walker  – Managing Partner, Silverwood Partners
  • Joshua Stinehour – Managing Director, Silverwood Partners

 

 

3:10 pm – 3:35 pm

M&A, VALUATION PERSPECTIVES FROM INDUSTRY EXECUTIVES

Joe Zaller will moderate a panel of three recognized executives at leading vendors will offer views on the critical drivers of value (in context of M&A) in the industry, and discuss the best practices they’ve learned on how to review an acquisition opportunity and how to integrate M&A into overall growth strategies. Obstacles to further industry consolidation will also be discussed.

Moderator:

Joe Zaller – President, Devoncroft Partners

 

Panelists:

  • Dan Castle — CEO, Telestream
  • Harris Morris – CEO, Harris Broadcast
  • Denis Suggs — Executive Vice President, Belden

 

 

3:45 pm – 4:00 pm

IABM END-USER RESEARCH OVERVIEW

Yves Dupuis, Director of Market Intelligence at the IABM (trade association that represents broadcast technology suppliers) will present an overview of the latest end-user research from the IABM, including the changing requirements of broadcast technology buyers, and what this means for the supply community.

Yves Dupuis — Director of Market Intelligence, IABM

 

 

4:00 pm – 4:25 pm

THE BROADCAST TECHNOLOGY BUYER PERSPECTIVE

Joe Zaller will guide a discussion with broadcast executives responsible for technology budgets as they ponder the questions of most significance to decisions on technology purchasing: How are savvy broadcasters aligning known technology expenditures against uncertain multi-platform revenue opportunities in order to counteract the ‘consumer-broadcast disconnect’? How are these companies assessing the business risk of technology purchase decisions today given the uncertainty of future business models?

Moderator:

Joe Zaller – President, Devoncroft Partners

 

Panelists:

  • Fred Mattocks – General Manager Media Operations and Technology, Canadian Broadcasting Corporation
  • Steve Plunkett – Chief Technical Officer, Red Bee Media
  • Phil Braden — SVP Technology and Applications, PCCW

 

 

4:25 pm – 4:50 pm

KEYNOTE: TECHNOLOGY CHANGE, BUSINESS CHANGE

Clyde Smith, FOX Networks Engineering and Operations  will offer a broadcast executive’s perspective on the major business issues facing the industry, what major initiatives and projects have been created to solve these issues, a candid assessment of the results of these initiatives, and a discussion of what is still needed from a technology standpoint to address these issues.

Clyde Smith — SVP New Technology, FOX Networks Engineering and Operations

 

 

4:50 pm – 5:15 pm

INVESTOR PERSPECTIVES ON INDUSTRY

Joe Zaller will moderate this panel of private equity professionals who have made recent investments in the media and entertainment space will offer their unique perspectives on trends of significance for the M&E sector. They will also preview their plans for intelligence-gathering at this year’s NAB Show, the trends that are driving investment dollars in the sector, and what characteristics influence their evaluation of an investment opportunity within the M&E industry.

Moderator:

Joe Zaller – President, Devoncroft Partners

 

Panelists:

  • Dave Golob, Francisco Partners
  • Kevan Leggett, Lloyds TSB Development Capital Ltd
  • William Smales, The Carlyle Group
  • Bryce Winkle, The Gores Group

.

.

.

.

© Devoncroft Partners. All Rights Reserved.

.

.

 

Going to NAB? Don’t Miss 2nd Annual “Media Technology: Strategy and Valuation Conference,” A Thought Provoking Kick-Off to the 2013 NAB Show

broadcast industry technology trends, broadcast industry trends, Broadcast technology channel strategy, broadcast technology market research, Broadcast technology vendor financials, Broadcast Vendor Brand Research, Broadcast Vendor M&A, Broadcaster Financial Results, content delivery, technology trends | Posted by Joe Zaller
Apr 02 2013

If you are attending the 2013 NAB show, be sure not to miss the second annual “Media Technology: Strategy and Valuation,” conference which is being co-produced by Devoncroft, Silverwood Partners and the organizers of the NAB Show.

This event is being held in room N239/241 of the Las Vegas Convention Center on Sunday April 7th from 1:45 p.m. to 6:00 p.m., and it’s free for all registered attendees of the 2013 NAB show.

This year’s conference features an intensive, information-packed series of presentations and panels that discuss the strategic trends and industry-specific factors influencing the value of media technology companies.

We’ve worked hard to put together an outstanding line-up of speakers and presenters, including top technology buyers, leading technology vendor CEOs, and private equity investors who will speak to the opportunities and challenges involved with financing the next phase of technology change in the industry.

The agenda will offer attendees the informed opinions of technology purchasers, industry executives, market research organizations, and financial professionals. The event will serve as a thought-provoking kick-off to the 2013 NAB Show.

This session is intended for senior executives from technology vendors, end-users, and investment firms in the media technology sector.

 

Here’s the current lineup of presenters:

 

1:45 pm – 1:50 pm

WELCOME AND INTRODUCTION

Joe Zaller – President, Devoncroft Partners

 

 

1:50 pm – 2:20 pm

NAB SHOW SPROCKIT PRESENTATIONS

Hear from three market-ready start-ups who have been selected by the NAB’s SPROCKIT initiative.  This session will include an introduction of the SPROCKIT initiative followed by presentations from three of NAB Show’s inaugural SPROCKIT participants.

Presenter(s):

  • Hilary DeCesare, Co-Founder and CEO, Everloop
  • Heidi Messer, Co-Founder & Chairman, Collective[I]
  • John West, Founder & CEO, The Whistle

 

 

2:20 pm – 2:45 pm

THE BROADCAST & MEDIA TECHNOLOGY INDUSTRY IN 2013

Joe Zaller will present a summary of key data derived from the newly published 2013 Big Broadcast Survey (BBS), the largest and most comprehensive study of the broadcast industry. Key results from the 2013 BBS will include key investments areas as well as trends of significance that are impacting these purchasing decisions.

Joe Zaller – President, Devoncroft Partners

 

 

2:45 pm – 3:10 pm

STRATEGIC INDUSTRY ANALYSIS: VALUATIONS, M&A, AND EQUITY FINANCING

Jonathan Hodson-Walker and Joshua Stinehour of Silverwood Partners will present an analysis of strategic industry trends and the specific factors that affect company valuations, including transaction activity and valuations; vendor strategic considerations; and the current M&A environment along with near-term expectations. Attendees will also learn which businesses are buyers and investors targeting and why.

Presenter(s):

  • Jonathan Hodson-Walker  – Managing Partner, Silverwood Partners
  • Joshua Stinehour – Managing Director, Silverwood Partners

 

 

3:10 pm – 3:35 pm

M&A, VALUATION PERSPECTIVES FROM INDUSTRY EXECUTIVES

Joe Zaller will moderate a panel of three recognized executives at leading vendors will offer views on the critical drivers of value (in context of M&A) in the industry, and discuss the best practices they’ve learned on how to review an acquisition opportunity and how to integrate M&A into overall growth strategies. Obstacles to further industry consolidation will also be discussed.

Moderator:

Joe Zaller – President, Devoncroft Partners

 

Panelists:

  • Dan Castle — CEO, Telestream
  • Harris Morris – CEO, Harris Broadcast
  • Denis Suggs, Executive Vice President, Belden

 

 

3:45 pm – 4:00 pm

IABM END-USER RESEARCH OVERVIEW

Peter White, Director General IABM will present an overview of the latest end-user research from the IABM, including the changing requirements of broadcast technology buyers, and what this means for the supply community.

Peter White — Director General, IABM

 

 

4:00 pm – 4:25 pm

THE BROADCAST TECHNOLOGY BUYER PERSPECTIVE

Joe Zaller will guide a discussion with broadcast executives responsible for technology budgets as they ponder the questions of most significance to decisions on technology purchasing: How are savvy broadcasters aligning known technology expenditures against uncertain multi-platform revenue opportunities in order to counteract the ‘consumer-broadcast disconnect’? How are these companies assessing the business risk of technology purchase decisions today given the uncertainty of future business models?

Moderator:

Joe Zaller – President, Devoncroft Partners

 

Panelists:

  • Fred Mattocks – General Manager Media Operations and Technology, Canadian Broadcasting Corporation
  • Steve Plunkett – Chief Technical Officer, Red Bee Media
  • Phil Braden — SVP Technology and Applications, PCCW

 

 

4:25 pm – 4:50 pm

KEYNOTE: TECHNOLOGY CHANGE, BUSINESS CHANGE

Clyde Smith, FOX Networks Engineering and Operations  will offer a broadcast executive’s perspective on the major business issues facing the industry, what major initiatives and projects have been created to solve these issues, a candid assessment of the results of these initiatives, and a discussion of what is still needed from a technology standpoint to address these issues.

Clyde Smith — SVP New Technology, FOX Networks Engineering and Operations

 

 

4:50 pm – 5:15 pm

INVESTOR PERSPECTIVES ON INDUSTRY

Joe Zaller will moderate this panel of private equity professionals who have made recent investments in the media and entertainment space will offer their unique perspectives on trends of significance for the M&E sector. They will also preview their plans for intelligence-gathering at this year’s NAB Show, the trends that are driving investment dollars in the sector, and what characteristics influence their evaluation of an investment opportunity within the M&E industry.

Moderator:

Joe Zaller – President, Devoncroft Partners

 

Panelists:

  • Dave Golob, Francisco Partners
  • Kevan Leggett, Lloyds TSB Development Capital Ltd
  • William Smales, The Carlyle Group
  • Bryce Winkle, The Gores Group

.

.

.

.

© Devoncroft Partners. All Rights Reserved.

.

.

 

%d bloggers like this: