Tandberg Television acquires N2 Broadband, a video-on-demand software provider, for $118M in stock and cash

February 4, 2005

2 Min Read

SOUTHAMPTON, U.K. -- TANDBERG Television (Oslo:TAT.OL), a global leader in professional video compression and TV delivery systems, today announced that it has completed its acquisition of the business of Atlanta-based N2 Broadband, Inc., a provider of scalable, open-platform solutions for on-demand entertainment. The global purchase consideration is $118M, made up of a mixture of TANDBERG Television shares and cash.

With the completion of this purchase, the entire business of N2 Broadband will be integrated into TANDBERG Television and the company will operate under the name of TANDBERG Television in all markets. As of today, N2 Broadband’s President and CEO, Reggie Bradford takes on the role of President of TANDBERG Television, Inc. The new combined North American concern will be headquartered in Atlanta, Georgia, with a development facility in Denver, CO and sales offices on both the East and West Coasts of the US and in Canada. The total staff for the Americas operation is approximately 180 employees.

The combined resources of N2 Broadband and TANDBERG Television create a global force in the provision of enabling technologies for the delivery of on-demand digital multimedia content. As the competition between cable operators, satellite broadcasters and telephone operators increases, there is mounting demand for TV delivery systems that enable these players to exploit the potential of their different networks. An increasing need to differentiate services in order to attract and retain subscribers is creating a march towards all-digital networks and on-demand offerings. The merger will expand and diversify TANDBERG Television’s systems offering by bringing together best in class, open systems based hardware and software solutions. N2 Broadband’s standards-based, open solutions for on-demand entertainment are a natural extension to TANDBERG Television’s core technology offering and have already been integrated with TANDBERG Television’s video compression systems.

"The N2 Broadband acquisition significantly accelerates the growth opportunities for both companies. For TANDBERG Television, the addition of N2 Broadband immediately provides us with increased market presence in North America as well as giving us new products that dovetail with our existing solutions to provide the world's most advanced open VOD systems,” says Eric Cooney, President and CEO of TANDBERG Television. “This acquisition is central to our strategic plan, particularly as the North American market represents the largest growth opportunity for TANDBERG Television over the short and medium term. We are already the supplier of choice for professional video compression systems in Europe and Asia and we look forward to the N2 Broadband acquisition helping us to extend that position, widen our product range and bring our systems into the North American cable and IPTV markets."

Tandberg Television

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