IMAX acquires streaming technology company SSIMWAVE | Media Investment | Business | News | Rapid TV News
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Looking to use what it calls “breakthrough” AI-driven software and IP to expand IMAX image enhancement capabilities and drive new revenue across all video platforms, IMAX Corporation has acquired AI-driven video quality solutions provider SSIMWAVE.
SSIMWAVE 23 Sep 2022
Under the terms of the deal, IMAX has acquired SSIMWAVE for $18.5 million in cash and $2.5 million in stock with additional earnout consideration of $4 million, subject to achieving certain operating performance and financial objectives.

Putting the acquisition into context, IMAX said that with the explosion in video consumption across platforms, the need for video optimisation continues to grow as consumers demand higher resolution including 4K, 8K and new interactive experiences across gaming, VR, AR, and the metaverse. Additionally, leading filmmakers and creators increasingly demand solutions to ensure the fidelity and quality of their work on any screen.

Ontario-based SSIMWAVE enables streaming and broadcast providers to deliver images on any device for on-demand and live video. Its 30-person engineering team has mapped the human visual system to produce what the company claims is one of the most accurate measures of perceptual quality, which its AI-driven software applies to enhance video streams and files in real time. Streaming media companies currently partnering with SSIMWAVE to optimise video including Disney, Paramount Global and Warner Bros. Discovery.

IMAX regards its move as marking a significant expansion of its strategy to deliver what it claims are the highest quality video images on any screen — to drive new, recurring revenue and grow its global leadership in entertainment technology.

The acquisition is expected to be accretive in 2023 and have minimal financial impact in 2022. Going forward, IMAX will work with SSIMWAVE in the near term to further grow its business and product suite, including international expansion. Longer-term, IMAX’s technology and post-production teams will work with SSIMWAVE’s engineering team to develop new solutions for delivering IMAX-quality video experiences across platforms.

“SSIMWAVE is doing revolutionary work at the intersection of human visual perception and image enhancement technology. By putting the power of our global brand behind their award-winning engineering team and product suite, IMAX takes a big step toward a new horizon in our ability to deliver the best images for any creator, across every screen,” said Rich Gelfond, CEO of IMAX. “In the near-term, SSIMWAVE brings to IMAX new, SaaS-based revenue and a world-class client roster that tightly aligns with some of our strongest, most successful content partnerships.”

“Viewers and content creators expect more from video experiences. By joining IMAX, SSIMWAVE will be even better positioned to preserve creators’ intent and enable engaging, differentiated viewing experiences to millions of users across platforms,” added Abdul Rehman, CEO and co-founder of SSIMWAVE. “We’re excited to join IMAX and tap into its global scale and expertise as more streamers turn to SSIMWAVE to ensure the best viewing experiences while reducing bandwidth costs.”