ACTON, Mass.--(BUSINESS WIRE)--SeaChange International, Inc. (NASDAQ: SEAC), a leading global multi-screen video software innovator, today announced that it has completed the sale of its broadcast server and storage business. The sale to the new independent company XOR Media closed today following customary regulatory approvals.
SeaChange CEO Raghu Rau commented, “This sale is an important part of our strategy to transform SeaChange into a pure play software company. Now that the transaction is complete, we can focus on our core software and services operations, including our next generation back office, video streamers, gateway software and advertising solutions.
Rau added, “As much of the same team and superior products remain in place, customers can expect a smooth transition and seamless support from XOR Media in the future.”
XOR Media CEO Zheng Gao agreed, “XOR Media is a new business entity in name, but the same team and processes are here to ensure business continuity for our customers. The feedback we have been receiving on XOR Media is very encouraging, and we are excited to launch new opportunities for XOR Media’s open, cloud-capable, and media-optimized servers and storage.”
About SeaChange International
Ranked among the top 250 software companies in the world, SeaChange International (NASDAQ: SEAC) enables transformative multi-screen video services through an open, cloud-based, intelligent software platform trusted by cable, IPTV and mobile operators globally. Personalized and fully monetized video experiences anytime on any device, in the home and everywhere, are the product of the Company’s superior back office, advertising, content and in-home offerings.
SeaChange’s hundreds of customers are many of the world’s most powerful media brands including all major cable operators in the Americas and Europe, and the largest telecom companies in the world. Headquartered in Acton, Massachusetts, SeaChange is TL 9000 certified and has product development, support and sales offices around the world. Visit www.schange.com.
About XOR Media
XOR Media develops high-performance, open, IT storage, specialized for media applications and private cloud data centers used by broadcasters, content providers, and media companies. Formerly SeaChange Broadcast, XOR Media carries over an installed base of over 300 top-tier customers; 12,000 channels on air; and 11PB of managed data. It operates globally with over 180 employees. XOR Media's product line includes open, cloud-capable, and media-optimized technologies already trusted by hundreds of broadcasters around the world: ingest and playout codecs MediaClient and MediaServer; and the prizewinning, shared grid, and scalable Universal MediaLibrary storage. For more information visit www.xor-media.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts, including without limitation statements regarding the potential impact on the Company and customers of the divestiture of the Broadcast Servers and Storage business unit, and future financial performance, are neither promises nor guarantees and may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements contained herein are based on current assumptions and expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. Factors that could cause actual future results to differ materially from current expectations include the following: the continued growth, development and acceptance of the video-on-demand market; the loss of one of the Company's large customers; the cancellation or deferral of purchases of the Company's products; the length of our sales cycles; the Company's ability to manage its growth; the ability of the Company to successfully sell its Broadcast Servers and Storage business unit; the effectiveness of the Company's disclosure controls and procedures and internal controls over financial reporting; the Company's ability to protect its intellectual property rights and the expenses that may be incurred by the Company to protect its intellectual property rights; an unfavorable result of current or future litigation; content providers limiting the scope of content licensed for use in the video-on-demand market; the Company's ability to successfully introduce new products or enhancements to existing products; the Company's ability to compete in its marketplace; the Company's ability to respond to changing technologies; the risks associated with international sales; changes in the regulatory environment; the Company's ability to integrate the operations of acquired subsidiaries; the Company's ability to hire and retain highly skilled employees; and increasing social and political turmoil.
Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly available documents made by the Company from time to time with the Securities and Exchange Commission, including but not limited to, those appearing under the caption "Certain Risk Factors" in the Company's Annual Report on Form 10K filed on April 4, 2012. Any forward-looking statements should be considered in light of those factors. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations or events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results may differ from those set forth in the forward-looking statements.