Business
Miranda Technologies to acquire VertigoXmedia
Miranda Technologies to acquire VertigoXmedia.
About this update from M3 Metals Corp.
[{"type":"text","content":"\n\n\n\n\nTransaction Complements and Strengthens Miranda's Broadcast Playout \nProduct Offering\n\nMONTREAL, April 22 /CNW Telbec/ - Miranda Technologies Inc. (TSX: MT), a\nglobal developer, manufacturer and marketer of high-performance hardware and\nsoftware for the television broadcast industry, today announced that it has\nentered into an agreement to acquire privately-held VertigoXmedia, inc. and\nits broadcast division. VertigoXmedia is a MontrDeal-based manufacturer of \nhigh-end graphics automation software and systems. The closing of the\ntransaction, expected to take place in early May, is subject to customary\nclosing conditions.\nThe transaction would allow Miranda to add a powerful suite of software\nworkflow and graphics capabilities to its existing, highly successful playout\nbranding products. In addition, the VertigoXmedia graphics platform, a\npowerful solution for the automated presentation of live graphics, would\nprovide Miranda with a new product range for production environments.\n\"The demand for live graphics preparation, management and presentation is\nrapidly increasing as broadcasters strive to create captivating graphics\nacross multiple platforms such as high definition (HD) and standard definition\ntelevision, the web and Mobile TV,\" said Mr. Strath Goodship, President and\nCEO of Miranda Technologies. \"We have been a leader in this segment since our\nacquisition of Oxtel PLC (UK) in 2001. VertigoXmedia is recognized as an\ninnovator in this field. Their unique tools would benefit our customers by\nenhancing their ability to brand across multiple delivery formats.\nFurthermore, it reinforces Miranda's competitive edge in the midst of the\nlarge-scale HD upgrade cycle which is currently taking place in the\nbroadcasting industry.\" he added.\nThe total purchase price is approximately Cdn$11 million, payable in\ncash, and is subject to adjustments based on the value of net assets being\ndelivered at the closing of the transaction.\nVertigoXmedia has been in the broadcast and digital signage businesses\nfor nearly ten years, operating predominantly in North America. For the past\nthree years, the company's broadcast division, which Miranda is expecting to\nacquire, has experienced an annual growth rate of approximately 20 per cent,\nwith gross margins over 60 per cent. Its revenues reached Cdn$5.3 m...