Caribbean cable TV contract win for Mirada

Tuesday, August 29th, 2017 
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New Contract Win with ATN International, Inc. for Mirada’s Iris Multiscreen Product

Mirada plc (AIM: MIRA), one of the leading providers of integrated software solutions for Digital TV operators and broadcasters, is pleased to announce a new contract win for its Iris multiscreen product.

  • New contract with ATN International, Inc., including four cable networks in the Caribbean
  • Commercial launch of complete suite of Iris multiscreen products expected towards the end of Mirada’s current financial year
  • Recurrent revenues through the implementation of the new OPEX model, including providing subscriber-based licence fees on a “SaaS” (Software as a Service) model
  • Contract expected to result in material monthly ongoing revenues.
  • Initial lower upfront payments associated with this model has led the Board to seek financing facilities to provide working capital
  • Discussions regarding financing facilities are advanced and further announcements will be made in due course

The contract is with ATN International, Inc. (“ATNi”), a NASDAQ-listed company, which operates in several US and Caribbean locations under various trade names. Under the contract, Mirada will provide products and services to four different Caribbean operators owned by ATNi located in the U.S. Virgin Islands, Bermuda, the Cayman Islands and French Guyana. Mirada will deploy its complete suite of Iris multiscreen products, including its over-the-top (“OTT”) solution and back-end platform, Iris SDP, across these networks. The commercial launch and subsequent commercial deployment is expected to occur towards the end of Mirada’s current financial year.

This will be the most extensive launch of Iris since the commercial launch for izzi Telecom in Mexico and is the result of an increased focus on Mirada’s sales and marketing activities. The contract will provide Mirada with different revenue streams, structured so that Mirada will receive various recurrent monthly fees as well as fixed fees for professional services at the start of the contract and on an ongoing basis. The contract is expected to diversify Mirada’s revenue streams, leading to a greater proportion of recurring revenues and increased revenue visibility.

Mirada will also be engaged as the ‘System Integrator’, to coordinate all third-party providers involved in the overall execution of the project. In addition, following deployment, Mirada will manage all operations, services and maintenance across the four networks.

The new project incorporates Mirada’s entire Iris multiscreen solution which provides an integrated cable TV and OTT solution. Iris enables live, catch-up and on-demand content to be viewed across advanced hybrid set-top boxes, smartphones and tablets, all working seamlessly through Mirada’s state-of-the-art Inspire user interface. Subscribers will benefit from features such as multiscreen viewing, the ability to pause viewing on one device and resume viewing on another, and many other cutting-edge features all managed by Mirada’s back-end platform, Iris SDP.

Although the ATNi project should result in material monthly ongoing revenues, the lower upfront payments associated with the OPEX model (meaning lower set-up fees and subscriber-based licences provided on a ‘SaaS’ – software as a service model) has led the Board to seek financing facilities to provide working capital for the Company’s various projects over the medium-term, including ATNi and other prospective projects. Discussions regarding additional financing facilities are advanced and further announcements in this regard will be made in due course.

José Luis Vázquez, CEO of Mirada plc, commented: “We are delighted to announce the latest project for our Iris multiscreen solution, especially for such a prestigious company as ATNi. This contract demonstrates the successful execution of Mirada’s growing pipeline of international opportunities following the deployment of Iris in Mexico and the Company’s strategy to increase competitiveness by diversifying revenue streams into deployment models that also include relevant recurrent subscriber-based licence revenues. We are also confident that Mirada’s technology will continue to attract the interest of other operators in the near future.”

Links: Mirada; ATN International