Video software specialist SeaChange International has been tossed into turmoil again after announcing Wednesday that president, CEO and board director Yossi Aloni has abruptly left the company to "pursue other interests."
A SeaChange 8-K filing shows that Aloni resigned on January 8 and that his departure "is not a result of any disagreement with the Company relating to the Company's operations, policies or practices." Aloni has been asked for comment.
Amid Aloni's departure, SeaChange has appointed Robert Pons as executive chairman, effective January 8. Pons joined the SeaChange board in February 2019 and was appointed chairman in December 2019. He's also taken over operating responsibilities while SeaChange seeks a new CEO.
Aloni joined SeaChange in January 2019 as chief commercial officer and was named president and CEO of SeaChange in August 2019. Much of Aloni's initial focus centered on Framework, a reworked video delivery platform that encompasses all products previously offered by the company on a standalone basis. SeaChange says Framework can be deployed on premises, via the cloud or in a hybrid cloud/on-premises environment.
SeaChange launched the Framework platform in March 2019 and, in its fiscal Q3 results, said it had secured 39 wins carrying an aggregate contract value of about $63 million.
However, Aloni acknowledged on the Q3 call last month that the pandemic has slowed the near-term demand for Framework. Meanwhile, he pointed out that SeaChange was pivoting to help content owners develop over-the-top, direct-to-consumer strategies using a new offering called Video Apps, which is designed to help them launch services directly through smart TVs and connected platforms such as Roku and Apple TV.
Total company revenues have likewise slowed to a trickle during this rough period. In Q3, SeaChange posted revenues of $5 million, off from $20 million in the same period a year earlier, along with a net loss of $5.1 million.
Among more recent activity, SeaChange partnered last month with Beachfront on a joint programmatic/automated advertising platform for cable operators that allows for premium live TV ad inventory to be purchased by digital buyers using real-time bidding.
SeaChange shares dropped 16 cents (13.22%) to $1.05 each on Wednesday.
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— Jeff Baumgartner, Senior Editor, Light Reading