SeaChange has announced the completion of the sale of its servers and storage business to XOR Media, owner of the assets of the multiscreen video on demand solutions provider’s broadcast division.
The sell-off is a result of recent disappointing results in SeaChange’s previous financial year and fourth quarter ended 31 January 2012 which the company said resulted from the of the decision to divest its broadcast servers and storage business while retaining its video streaming software and related hardware business. The sale is seen by SeaChange as an important part of the firm’s strategy to transform into a pure play software company.
XOR Media develops, open, IT storage, specialised for media applications and private cloud data centres used by broadcasters, content providers, and media companies. Taking on the former SeaChange assets has given XOR an installed base of over 300 customers, 12,000 channels on air and 11 PBytes of managed data. XOR Media's product line includes open, cloud-capable and media-optimised technologies; ingest and playout codecs; and the Universal MediaLibrary storage shared grid.
Commented XOR CEO Zheng Gao: “XOR Media is a new business entity in name, but the same team and processes are here to ensure business continuity for our customers. The feedback we have been receiving on XOR Media is very encouraging, and we are excited to launch new opportunities for XOR Media’s open, cloud-capable, and media-optimised servers and storage.”
Explaining what the completion of the deal will mean for the VOD firm, SeaChange CEO Raghu Rau added: “Now that the transaction is complete, we can focus on our core software and services operations, including our next generation back office, video streamers, gateway software and advertising solutions. As much of the same team and superior products remain in place, customers can expect a smooth transition and seamless support from XOR Media in the future.”