Concurrent Computer Corp. announced this week that stockholders have given the thumbs up to a proposed sale of its content delivery and storage business to Vecima Networks.
That approval, occurring at a stockholder meeting held Wednesday (Dec. 13), arrives about two months after the deal was announced.
Under the proposal, Vecima has put up $29 million in cash for Concurrent’s content delivery and storage business. Concurrent, based in Atlanta, works with operators such as Charter Communications and Altice USA, and recently introduced an offering tailored for smaller cable operators.
In May, Concurrent sold its Real-Time business segment to Battery Ventures for $35 million in cash.
Vecima said earlier that it expects that its business will generate more than $5.5 million in annualized adjusted EBITDA after closing, capturing synergies that include the removal of Concurrent’s public company costs.
The deal for Concurrent should help to diversify and expand the video side of Vecima’s business, which today is focused on areas such as video decoders, products targeted to the commercial and hospitality industry, as well as DOCSIS 3.1-based access gear.
“The Board of Directors and our management team appreciate the overwhelming support of our proposals from Concurrent’s stockholders. We expect to close the announced transaction with Vecima Networks by the end of the calendar year. ,” Derek Elder, president and CEO of Concurrent, said in a statement.