Acquires privately owned Eindhoven, Netherlands-based company that provides VOD and linear broadcast software and related services

September 1, 2009

1 Min Read

ACTON, Mass. -- SeaChange International, Inc. (NASDAQ: SEAC - News), a leading provider of software and hardware solutions for video-on-demand (VOD) television, today announced its acquisition of all of the issued share capital of eventIS Group B.V. eventIS is a privately owned Eindhoven, Netherlands-based company that provides VOD and linear broadcast software and related services to cable television and telecommunication companies primarily in Europe. For 2008, eventIS generated U.S. GAAP revenues of approximately $13 million and was profitable. It has approximately 70 full-time equivalent employees.

Under the terms of the definitive agreement, SeaChange paid €25.5 million ($36.6 million) upon the closing of the transaction today. In addition, SeaChange is obligated to pay €1.2 million ($1.7 million) in cash to the former eventIS shareholders on each of the first three anniversary dates following the acquisition. SeaChange is also obligated on each of the aforementioned anniversary dates to issue shares of restricted stock of SeaChange equating to €800,000 ($1.1 million) annually to the former eventIS shareholders.

The purchase price will also include an additional performance-based component principally related to the achievement of certain annual revenue targets for eventIS and SeaChange products and services. The revenue performance metrics will cover the three-year period ending January 31, 2013, with payment upon achievement of these metrics occurring annually.

SeaChange management will discuss the acquisition of eventIS in more detail during its fiscal 2010 second quarter earnings conference call scheduled for 5 p.m. E.D.T. today. Conference call and webcast information is as follows:

• Telephone: 888-287-3944 (U.S.) and 706-758-3938 (international); Conference ID 2418-6042

• Webcast: www.schange.com in the Investor Relations section. An archived webcast will be available at this site.

SeaChange International Inc. (Nasdaq: SEAC)

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