SeaChange International has acquired all of the issued share capital of eventIS Group B.V., a privately-owned, Netherlands-based company that provides VOD and linear broadcast software and related services to telecommunication companies primarily in Europe.
Under the terms of the agreement, SeaChange has already paid $36.6 million and, in addition, is obligated to pay $1.7 million in cash to the former eventIS shareholders on each of the first three anniversary dates following the acquisition. SeaChange is also obligated on each of the aforementioned anniversary dates to issue shares of restricted stock of SeaChange equating to $1.1 million annually to the former eventIS shareholders.
For 2008, eventIS generated U.S. GAAP revenues of approximately $13 million and was profitable. It has approximately 70 full-time employees. eventIS delivers
VOD and personal video recording services based on its schedule management, content catalog generation, transaction management and service assurance systems.