Miranda Technologies, a global developer, manufacturer and distributor of hardware and high-performance software for broadcast, signed an agreement to acquire VertigoXmedia and its broadcast division. VertigoXmedia is a manufacturer of software and systems automation for high-quality graphics, based on Montreal. The closing of the transaction is subject to the customary closing conditions.
The transaction would allow Miranda to add a powerful software suite of workflow and graphics capabilities to your existing reproduction products. In addition, the graphical platform from VertigoXmedia, a powerful solution for presentation automated live graphics, would provide Miranda with a new range of products for production environments.
The need to prepare, manage and present live charts grows rapidly while broadcasters struggle to create captivating graphics over multiple formats such as high definition (HD), television standard definition, internet and mobile television, said Strath Goodship, president and CEO of Miranda Technologies. VertigoXmedia is a recognized innovator in this field. Their tools could benefit our customers thanks to their ability to mark various forms of format delivery, Goodship added.
The purchase price amounted to about $9.9 billion, payable in cash, and subjects to adjustments based on the total value of the securities delivered at the end of the transaction.
Under the terms of the agreement, the 25 employees of vertigoXmedia's broadcast division are they will unite Miranda. The acquisition is expected to be neutral for Miranda's net profit in the first year and growing afterwards. Miranda will sell VertigoXmedia products through its sales channels. Given the coverage of the global network of Miranda distribution, management believes there is a opportunity for significant growth in sales of VertigoXmedia products.
