SeaChange International acquired eventIS Group B.V., a Netherlands-based company that provides video-on-demand and linear broadcast software and related services to cable operators and telcos mainly in Europe, in a deal worth at least $36.6 million.
For 2008, privately held eventIS generated revenue of approximately $13 million and was profitable, according to the companies. Founded in 2002, eventIS has about 70 full-time equivalent employees and is based in Eindhoven, Netherlands.
EventIS customers include BBC, BT, Singapore's StarHub, Liberty Global's UPC, Germany's RTL and T-Online, according to its Web site. The company develops and supports software solutions for metadata management and VOD, providing schedule management, content catalogue generation, transaction management and service assurance systems.
Under the terms of the definitive agreement, SeaChange paid €25.5 million ($36.6 million) upon the closing of the transaction Tuesday.
In addition, SeaChange is obligated to pay €1.2 million ($1.7 million) in cash and issue SeaChange shares worth $1.1 million to the former eventIS shareholders on each of the first three anniversary dates following the acquisition.
The purchase price also includes additional performance-based payments principally tied to annual revenue targets for eventIS and SeaChange products and services. The revenue performance metrics will cover the three-year period ending Jan. 31, 2013, with payment upon achievement of these metrics occurring annually.