SeaChange to be Acquired by Partner One

BOSTON, March 11, 2024 (GLOBE NEWSWIRE) -- SeaChange International, Inc. (OTC: SEAC) (“SeaChange” or the “Company”), a leading provider of video delivery, advertising, streaming platforms, and emerging Free Ad-Supported Streaming TV services (FAST) development, has entered into an asset purchase agreement (the “Purchase Agreement”) under which an affiliate of Partner One, one of the fastest-growing software conglomerates in the world, will acquire substantially all of SeaChange’s assets related to its product and services business (the “Asset Sale”), and will assume certain liabilities, for a purchase price of $30 million, less SeaChange’s cash and cash equivalents at closing (the “Closing”).

SeaChange has traditionally supported clients’ Operator TV systems, Advanced Advertising insertion platforms, the StreamVid streaming enablement solution, and the Xstream FAST channel service platform. The Company currently expects the transaction will result in net proceeds to SeaChange of between $13-15 million upon Closing.

The Asset Sale, which has been approved by SeaChange’s Board of Directors (the “Board”), is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange’s outstanding common stock. Subject to such closing conditions, the Closing is expected to occur 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,” said SeaChange’s Chief Executive Officer, Chris Klimmer. “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 PayTV, Video advertising and streaming markets.”