Vecima closes acquisition of ConcurrentTuesday, January 2nd, 2018
VICTORIA, British Columbia — Vecima Networks Inc. (“Vecima”) (TSX:VCM) is pleased to announce that it has closed its acquisition of the assets of the Content Delivery and Storage Business of Concurrent Computer Corporation (“Concurrent”) (NASDAQ:CCUR), a US-based software and solutions company that is a leader in the Video on Demand (VoD) and IP Video Content Delivery space providing breakthrough technologies in the storage, protection, transformation and delivery of video assets.
Global IP traffic is expected to triple by 2021, with IP video growing from 73% to 82% of that traffic. The combination of the two companies’ technologies, Vecima’s award-winning distributed access platform and Concurrent’s industry-leading content delivery system, is expected to help serve a larger base of service provider customers with a compelling product portfolio designed to address the surge in global Internet traffic.
“Each of our organizations has strengths and expertise that we bring to the table, and together we create a comprehensive networking and entertainment ecosystem capable of delivering class-leading quality, capacity and performance,” said Sumit Kumar, President and CEO of Vecima. “With diversified products, a greater market reach, a superior growth profile, and a strong balance sheet, we are well positioned to provide enhanced value to our customers and our shareholders.”
Total cash consideration for the transaction was US$29.0 million plus a preliminary net working capital adjustment of $1.47 million.