Net Insight to divest its ScheduALL business Stockholm, Sweden - Net Insight has today signed an agreement to divest its Resource Optimization business area, doing business as ScheduALL to Xytech Systems Corporation ( Xytech ) in a transaction valued at USD 6 million. The transaction is expected to be completed in the coming weeks.
ScheduALL offers software-based resource optimization solutions to media companies globally and has been part of the Net Insight group since 2015. The divestiture of ScheduALL reflects Net Insight's strategy to focus on its core Media Networks business, where substantial progress has been made to capture growth opportunities across cloud, IP and remote production applications.
With this transaction, we reach an important milestone in our journey towards a more focused and stronger Net Insight where we accelerate growth in our core Media Network's business, says Crister Fritzson, CEO of Net Insight. ScheduALL has been a valuable part of the Net Insight portfolio and I would like to thank all ScheduALL employees for their contribution over the years. We believe Xytech is the best future owner of the business and look forward to partnering with them to continue to serve shared customers across the media industry.
By combining two of the strongest companies in the resource optimization industry, we massively improve scale and will be able to offer even better solutions to both existing and new customers. ScheduALL is very well respected by some of the world's leading media houses and I look forward to working with their strong team to continue to support their existing customer base. I also see great value in the constructive future partnership with Net Insight, says Richard Gallagher, CEO of Xytech.
The transaction involves divestment of 100% of the shares in the wholly owned ScheduALL subsidiaries on a cash and debt free basis for a total transaction value of USD 6 million, with USD 3 million in cash at closing and the remainder as a promissory note payable over the next 12-18 months. ScheduALL has previously operated on an independent basis. As a result, the effect on the rest of Net Insight's operations will be limited. The Resource Optimization business area had net sales of SEK 67.2 million and operating earnings of SEK 4.1 million for the financial year 2020.
The transaction will have a positive net earnings effect on Group level of estimated SEK 35-45 million. The exact amount will be determined at deal closing.
The transaction is expected to close in the coming weeks, subject to satisfaction of customary closing conditions.
For further information, please contact:
Crister Fritzson, CEO of Net Insight AB, +46 8 685 04 00, crister.fritzson@netinsight.net
Greg Dolan, Chief Commercial Officer at Xytech, +1-818-698-4912,
Greg.Dolan@xytechsystems.com
About Net Insight
Net Insight (Nasdaq: NETI B) is defining new ways to deliver media, opening up opportunities for content owners, broadcasters, production companies, service providers and enterprises to produce and deliver the future of live sport, news and online content. The company is driving the transformation to IP, virtualization and cloud workflows and has built the market's most open and cloud-ready media delivery platform for contribution, distribution, live production, and orchestration.
For over 20 years the world's leading media brands have trusted Net Insight and the company is recognized for having set the benchmark for media transport. Now Net Insight is combining its broadcast heritage and R&D expertise with the deep IP knowledge gained from developing its own streaming solution to evolve Nimbra, its Emmy Award winning video transport solution, for the new media era. With a strong vision for the future of IP and cloud, Net Insight is helping the world's leading media brands to simply and cost-effectively produce and deliver content to viewers anywhere.
For more information, please visit netinsight.net
Twitter: @NetInsight, twitter.com/NetInsight
LinkedIn: @Net Insight, www.linkedin.com/company/net-insight/
About Xytech
For more than 30 years, the world's premiere media companies have depended on Xytech to run their businesses. Our product, MediaPulse is an end-to-end solution for the complete content lifecycle. MediaPulse provides scheduling, transmission management, automation, asset management, and financial reporting for all media facilities in a scalable, cloud enabled, platform-independent solution.
For more information, please visit xytechsystems.com
This information is information that Net Insight is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-02-24 15:00 CET.
Attachments
Net Insight to divest its ScheduALL business
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
04/05/2024
NEW YORK As the Asian Pacific American Heritage Month kicks off in May, Nielsen has released an extensive new report diving into their media habits with data sh...
04/05/2024
PHILADELPHIA As National Military Appreciation Month gets underway, Comcast has announced several new initiatives to help veterans, service members, and their f...
04/05/2024
WASHINGTON, D.C. Federal Communications Commission chairwoman Jessica Rosenworcel has announced a tentative agenda for the May Open Commission Meeting scheduled...
04/05/2024
The Broadband Forum has announced major enhancements to key 5G convergence standards that the group said will help advance next-generation applications, improve...
04/05/2024
Spotify Wrapped Campaign Spot Graded With DaVinci Resolve Studio
Brie Clayton May 3, 2024
0 Comments
Blackmagic Design today announced that Colorist M...
04/05/2024
Three Boston Conservatory at Berklee Alums Nominated for Tony Awards An additional eight alums and two current students performed in nominated productions.
...
03/05/2024
An innovative learning tool to help media and civil society better understand ho...
03/05/2024
PARK CITY, UTAH - JANUARY 21: (L-R) Actors K stutis Cic nas and Greta Grinevi i t , Director Marija Kavtaradze and Producer Marija Razgute attend the 2023 Sunda...
03/05/2024
If you aren't familiar with Danny Ocean's music, it's only a matter ...
03/05/2024
Spotify has an unwavering commitment to supporting emerging artists across all genres, to helping them launch and thrive in their careers, and to connecting the...
03/05/2024
Como uno de los sonidos de mayor expansi n en el mundo, la M sica Mexicana va m ...
03/05/2024
As one of the fastest-growing sounds worldwide, M sica Mexicana is more than jus...
03/05/2024
NEW YORK FuboTV reported that it lost 110,000 subs in Q1 2024 but it exceeded its guidance for the quarter with double digit year-over-year increases across key...
03/05/2024
Only 3 Weeks Left To Enter The Creative Industries Most Award
Brie Clayton May 3, 2024
0 Comments
Creativepool is giving a last call to the creative i...
03/05/2024
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear
Brie Clayton May 3, 2024
0 Comments
By 2032, the esports market is expec...
03/05/2024
WASHINGTON Shannon Bream, Fox News Sunday anchor and chief legal correspondent, sat for a keynote chat at The Business of TV News, with Tom Umstead, senior co...
03/05/2024
WASHINGTON Asked how important is local news, Martha Raddatz, who has covered foreign conflicts for decades and moderated presidential debates for ABC News, s...
03/05/2024
Sony Pictures and Apollo Global Management have made a $26 billion cash offer fo...
03/05/2024
CBS announced its 2024-2025 primetime schedule, which features the new dramas NCIS: Origins, Matlock and Watson, and new comedies Poppa's House and Georgie ...
03/05/2024
Sports-focused streaming service Fubo said it reduced its red ink in the first quarter, despite losing 110,000 subscribers since the end of the year....
03/05/2024
Walmart is reportedly about to release a new 4K streaming box/smart speaker hybrid device for Google TV that could retail for as low as $50, according to a repo...
03/05/2024
Enhancements to its Delivery Workspace solution provide increased content delivery robustness and security
By Matthew Corrigan
Published: May 3, 2024
Enha...
03/05/2024
According to reports, if the bid is successful, Sony would be the significant majority shareholder of the new private company
By Jenny Priestley
Published: M...
03/05/2024
Located in Manchesters Spinningfields district, the course aims to equip students with the skills, knowledge and industry insight for a career in the creative s...
03/05/2024
Lightbridge has created a new Cine Reflect Lighting System kit, dedicated to enabling artistic lighting with consideration of today's productivity practical...
03/05/2024
Broadcast media systems integrator BeckTV and Lawo worked together on a large-scale AES67 build of radio control rooms at KPBS, San Diego's NPR and PBS memb...
03/05/2024
Raleigh, NC, April 12, 2024 SmallHD announces PageOS 6, a powerful software update free for owners of SmallHD monitors, featuring increased functionality, exp...
03/05/2024
SmallHD announces the Quantum 32 a new 31.5 OLED monitor designed to provide reference HDR/SDR images for post-production final color grading, as well as cri...
03/05/2024
By 2032, the esports market is expected to grow to $9.29 billion, bolstered by a global player count and fan following that both continue to climb. The 2023 Lea...
03/05/2024
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that the 11th edition of the Amagi Global FAST Rep...
03/05/2024
Riedel Communications today announced that Westdeutscher Rundfunk (WDR) is relying on a media and intercom network based on Riedel technology for the renewal of...
03/05/2024
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
03/05/2024
Media technology innovator Limecraft will exhibit the latest updates to its online platform on stand G79 at the 15-16 May 2024 Media Production & Technology Sho...
03/05/2024
Audio interface specialist Prism Sound is partnering with console manufacturer Solid State Logic, professional monitor manufacturer PMC and acoustic panel and d...
03/05/2024
Intinor, Sweden's leading developer of products and solutions for high-quality video over the internet, is set to join forces with its UK partner Zest Techn...
03/05/2024
NAKIVO Inc., a fast-growing software company dedicated to protecting physical, virtual, cloud, and SaaS environments, announced its Q1 2024 financial results to...
03/05/2024
Hiltron Communications announces an addition to its range of satellite communication products and systems: a field-upgradable motorisation kit specifically desi...
03/05/2024
Visit LiveU at Stand D30
With this year an exceptional one for major sporting events alongside multiple, key elections, the power and flexibility of LiveU'...
03/05/2024
Agile Content, the leader in the development of technology and solutions for the provision of television services over the Internet, announces Koldo Unanue as i...
03/05/2024
Eight co-signers representing streaming services, pay TV operators and public interest groups have sent a letter to Congressional leaders urging their Committee...
03/05/2024
BOSTON Brightcove has announced that it has implemented Amazon Q Business, a new generative AI assistant on Amazon Web Services (AWS)....
03/05/2024
NEW YORK CBS has declared that it will finish the 2023-24 season as Americas Most-Watched Network in primetime for the 16th consecutive season....
03/05/2024
A new survey indicates that U.S. businesses and consumers had an overall positive attitude towards their technology spending plans in the first quarter of 2024,...
03/05/2024
Sony and Apollo Global Management have sent an offer letter to Paramount Global's board of directors making an $26 billion all cash offer for Paramount Glob...
03/05/2024
EMG / Gravity Media has appointed Charlie Cubbon chief operating officer (COO) and Jamie Hindhaugh regional CEO for the U.K., U.S., Australia and the Middle Eas...
03/05/2024
Final 2024 Season Games to Air Saturdays on WRAL at 10:30am in May, Championship on June 1
Taping for the final episodes of the 2024 season of WRAL-TV's Br...
03/05/2024
Estrella MediaCo said it is expanding its connected TV portfolio by launching three new channels with Curiosity that will first appear on Samsung TV Plus....
Net Insight to divest its ScheduALL business Stockholm, Sweden - Net Insight has today signed an agreement to divest its Resource Optimization business area, doing business as ScheduALL to Xytech Systems Corporation ( Xytech ) in a transaction valued at USD 6 million. The transaction is expected to be completed in the coming weeks.
