Haivision to Acquire CineMassive to Deliver Real-Time Mission-Critical Visual Collaboration for Defense, Government, and Enterprise
Combining real-time video with intelligent data visualization allows Haivision to provide a critical visual collaboration platform for Global Security Operations Centers (GSOC), cybersecurity, joint and tactical operations, and control rooms
MONTREAL, June 30, 2021 /CNW Telbec/ - Haivision Systems Inc. ("Haivision") (TSX: HAI), a leading global provider of mission-critical, real-time video streaming and networking solutions, today announced a definitive agreement to acquire CineMassive Displays, LLC ("CineMassive"). With the addition of the CineMassive technology, Haivision will combine low latency live video with real-time secure data sources and communication elements to provide customers with a single-vendor solution for situational awareness.
CineMassive, based in Atlanta, GA, has 62 employees and had approximate revenues of US$20 million (approximately C$25 million) in 2020. It develops mission-critical visual collaboration technology including CineNet, a solution that aggregates content from multiple real-time sources for display and interaction within control room operations centers. It also enables secure sharing for situational response across multi-site organizations and with remote collaborators. CineMassive has an exceptional installed base including Akamai, McKesson, Cox Communications, CBS, Stanford University, many US police/emergency response centers, and tactical operations centers across every branch of the US Armed Forces.
"Cybersecurity, network, and physical threats are today's reality that governments and large enterprises are now addressing with global multi-disciplinary teams," said Mirko Wicha, Haivision President and CEO. "With the combination of Haivision and CineMassive technologies, customers can create a secure global common operating picture from a single vendor leveraging both cloud connectivity and intelligent edge capabilities."
Bringing together real-time secure video networking and data visualization creates a unique offering in the market to assist with the challenge of immediate and coordinated response to complex situations. Haivision will offer end-to-end solutions tailored for mission critical collaboration in Global Security Operations Centers, joint and tactical operations centers, public safety operations centers, and control rooms.
"We have worked with Haivision for over ten years and our companies share many common themes," said David Minnix, Co-founder and CEO of CineMassive. "Our approach to real-time performance, security, and IT compliance in solving mission-critical challenges of the highest order is echoed by Haivision and reflected in the longstanding relationships that we both have with our customers."
"Haivision and CineMassive are very complementary in the government and defense markets,'' said Brian Henry, Haivision's Senior Vice President of Global Sales. "Fortune 500 enterprises, public safety, and emergency response teams are looking towards proven defense-style approaches to situational response, and towards companies like Haivision and CineMassive which are built upon years of engagement, reputation, and trust in the most challenging markets."
Key Transaction Highlights:
Haivision is acquiring CineMassive to bring together real-time video network technology and mission-critical visual collaboration solutions to better serve and expand its customer base This acquisition will allow Haivision to:
The CineMassive Atlanta operations will become the Company's showcase visualization collaboration center with all employees and management remaining post transaction.
The definitive purchase agreement provides that Haivision will indirectly acquire, through a wholly-owned subsidiary, 100% of the membership interests of CineMassive on a cash-free and debt-free basis for a total purchase price of US$30 million, subject to customary adjustments, of which US$15 million is payable by the issuance of 2,145,326 common shares of Haivision and US$15 million is payable in cash. The cash component of the transaction will be financed with Haivision's cash on hand. The shares issued under the transaction will be subject to a four month hold period from the closing date under applicable Canadian securities laws. The closing is contingent upon the receipt of certain approvals, including of the Toronto Stock Exchange, and satisfaction or waiver of all closing conditions, which are expected to be received within 30 days. The acquisition is expected to be immediately accretive.
Haivision is a leading global provider of mission-critical, real-time video streaming and networking solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded an Emmy® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com.
Founded in 2005 with headquarters in Atlanta, GA, CineMassive is an industry leader in delivering high-performance visual collaboration solutions for mission-critical environments. Backed by world-class innovation, technology development, and a forward-thinking design approach, CineMassive solutions meet even the most complex project requirements. Tested and proven in the world's most demanding environments, CineMassive technology is trusted by every branch of the US Armed Services, leading research universities, and Fortune 500 companies. Learn more at cinemassive.com.
This release includes "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws, including, without limitation, statements regarding the timing and outcome of the acquisition transaction with CineMassive and the anticipated benefits of the transaction. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Haivision as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under "Risk Factors" in Haivision's latest annual information form, and in other periodic filings that Haivision has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under Haivision's SEDAR profile at www.sedar.com. There can be no assurance that the transaction will occur, or that it will occur on the terms and conditions contemplated in this news release. The transaction could be modified or terminated.
These factors are not intended to represent a complete list of the factors that could affect Haivision. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Haivision undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws.
SOURCE Haivision Systems Inc.
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