Stockholm, Sweden –Net Insight, the leading provider of live, interactive and on-demand media transport,today announcesthe acquisition of the US software company VizuAll Inc, trading under the name of ScheduALL. The acquisition will strengthen Net Insight's market position in media service and workflow orchestration.
The acquisition of ScheduALL is an important strategic initiative as it allows Net Insight to offer complete end-to-end orchestration to the market. In today's fast-paced and schedule driven broadcast world, on-demand and end-to-end service orchestration is becoming key to deliver efficient and cost-efficient solutions to TV production broadcasters and their customers.
"This is a perfect match for Net Insight. We are not only executing on our strategy, we are also taking a giant leap towards our vision of creating a unified and global media market place for both service providers and media companies", says Fredrik Tumegård, CEO of Net Insight. "The acquisition also leads to a stronger customer offering which enables us to take a broader and more strategic role towards service providers and media companies. We also want to welcome our new colleagues and we are looking forward to grow together and create further success."
ScheduALL, founded in 1989, is a provider of ERM (Enterprise Resources Management) software for media, broadcast and transmission businesses. The revenues for the financial year 2014, amounted to USD 10.6 m with a net profit of USD 0,7 m. Approximately 60% of the revenue is recurring. In 2014, approximately 50% of revenues were derived from North American customers. ScheduALL has its head office in Hollywood, Florida, US and employs approximately 75 employees.
The companies have had a strategic partnership for several years. Together they have implemented an SDN (Software Defined Networking) solution for service providers allowing them to offer their customers a unique, fully automated service provisioning over global wide area networks. By this solution service providers reduce operating cost and media companies gain from more flexible and efficient workflows. Net Insight can now broaden the solution with new services and applications.
"We are operating in a fast moving industry. I am convinced that we can create added value to our customers with our combined expertise in transport and production workflows", says Ralph Quintero, COO and owner of ScheduALL. "We will continue to serve our customers and partners and accelerate the deployment of advanced solutions providing automated, assured orchestration for on-demand network services."
Net Insight acquires 100% of the shares in ScheduALL, for USD 14 m on a cash and debt free basis. The acquisition price will be paid in cash at closing and will be adjusted for the actual level of debt, working capital and cash. The payment will be funded by using available cash.
Transactional costs of an estimated SEK 5 m will affect Net Insight's third and fourth quarter results of 2015. The transaction is expected to close on October 1, from which date ScheduALL will be fully consolidated. The transaction is expected to have a positive impact on earnings per share from January 1, 2016.
Invitation to Webcast and phone conference
Net Insight holds a webcast to present further information about the acquisition of ScheduALL. The webcast teleconference will take place on September 3rd at 15.00 CET/09.00 EST US. Participating from Net Insight will be Fredrik Tumegård, CEO, and Thomas Bergström, CFO.
Teleconference: The conference call is mainly targeted to analysts, institutional investors and media. To participate in the Q&A session, please call one of the following numbers:
SE: +468 5664 2666
UK: +44 20 3428 1410
US: +1 855 753 2235
For further information, please contact:
Fredrik Tumegård, CEO of Net Insight, +46 8 685 04 00, email@example.com
Thomas Bergström, CFO of Net Insight, +46 8 685 04 00, firstname.lastname@example.org
Net Insight AB discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on September 2, 2015 at 19.00 CET.
About Net Insight
Net Insight's vision is to enable a live and interactive media experience for anyone on earth. Net Insightdelivers media transport solutions that empower broadcasters, content owners and network service providers to activate their audiences by providing a quality-of-experience worth paying for, live and local content that's part of their world and interactive experiences they want to be part of.
The company's solutions enable live, interactive and on-demand media transport, with operational simplicity, to let customers focus on delivering the best possible experience to their audiences. Net Insight's strength lies in enabling lossless video transport at any scale, from live contribution via the Internet, to ultra-high-definition distribution in managed media networks spanning the globe.
More than200 world-class customers run mission critical media services using Net Insight's solutions, covering more than 60 countries worldwide. Net Insight is quoted on the NASDAQ OMX, Stockholm.
For more information, please visitnetinsight.net
Since 1989, ScheduALL has been providing ERM solutions to the largest media, broadcast and transmission businesses in more than 50 countries across the globe. The software has received several industry awards for its market-leading innovations and is clearly recognized as the standard for resource management solutions in a rapidly changing industry.
For more information, please visitwww.scheduall.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Net Insight AB via Globenewswire