SeaChange Divests Storage Business

SeaChange to divest its broadcast and storage business

March 21, 2012

1 Min Read

ACTON, Mass. -- SeaChange International, Inc. (NASDAQ: SEAC), the leading global multi-screen video software innovator, today announced that it has signed a definitive agreement to sell its broadcast server and storage business, allowing the Company to focus on its core software and services operations including its next generation back office, video streamers, gateway software and advertising solutions.

The sale to a group of financial investors, led by a leading US-based venture firm, is expected to close after customary regulatory approvals. The new, independent company will be named XOR Media.

SeaChange CEO Raghu Rau commented, "This divestiture is an important part of our strategy to transform SeaChange into a pure play software company, significantly reduce our overall cost structure, and strengthen our ability to compete in delivering next generation multiscreen video solutions, while generating cash.”

SeaChange International Inc. (Nasdaq: SEAC)

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