SeaChange Buys Liberate

SeaChange buys Liberate, adds to TV software stable

July 13, 2005

1 Min Read

MAYNARD, Mass. -- SeaChange International, Inc. (Nasdaq: SEAC), a leading provider of digital video systems for video-on-demand and other television applications, today announced that it has completed the previously announced acquisition of Liberate Technologies’ (Pink Sheets: LBRT) business assets outside of North America.

Liberate supplies interactive television software to some of the world’s largest network operators, including ntl, Telewest and UGC in Europe. Under terms of the acquisition, SeaChange and its subsidiaries have been assigned certain customer contracts, received patents and other intellectual property, and assumed certain limited liabilities, related to Liberate’s business outside of North America in exchange for approximately $23.5 million in cash consideration. As part of the transaction, SeaChange will continue operations in Liberate’s former facilities in San Mateo, California and London, England and is continuing employment for approximately 20 employees.

“This strategic acquisition provides SeaChange the value of Liberate’s interactive software platform, experienced engineers and contracts with some of Europe’s top broadband operators. It is very complementary and accretive to our television business,” said Bill Styslinger, president and CEO, SeaChange International. “SeaChange digital video systems are serving more commercial on-demand television services worldwide than any other and we intend to continue our leadership by providing our customers with the flexibility, speed and utmost confidence in the deployment of compelling new digital and interactive television applications.”

SeaChange International Inc.

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