Business
Acquisitions and Trading Update
Acquisitions and Trading Update.
About this update from Videndum Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0597V\n Vitec Group PLC (The)\n 12 April 2021\n \n \n \n \n \n \n \n 12 April 2021\n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. \n \n \n The Vitec Group plc\n \n \n \n \n \n Acquisitions and Trading Update \n \n \n \n \n The Vitec Group plc (\"Vitec\" or \"the Group\"), the international provider of premium branded hardware products and software solutions to the growing content creation market, announces two acquisitions and a brief update on the Group's Q1 2021 trading and outlook.\n \n · Agreed the acquisition of Lightstream, for an expected total cost of $35.9 million (£26.0 million) in cash and shares. Completion is expected shortly. Lightstream develops cloud-based live production software to enable content creators, particularly gamers, to enrich their live video streams.\n \n · Acquisition of Quasar, for up to $6.1 million (£4.4 million) in cash. Quasar designs and develops a range of market-leading, innovative linear LED lighting solutions for cine-style applications.\n \n · The Group also provides a brief trading update regarding its existing operations and, despite some uncertainty about when markets will fully reopen and foreign exchange fluctuations, is increasingly confident about delivering a strong recovery in 2021.\n \n \n \n \n Stephen Bird, Group Chief Executive of Vitec, commented: \n \n \n \"Lightstream is a world-leading live streaming software business. This acquisition enables Vitec to enter the substantial and fast-growing adjacent gaming market, adding innovative and complementary software for our live streaming customers and significantly expanding our customer reach. With Lightstream as part of the Group, we will be able to address the growing demand for cloud-based content creation as well as more than doubling our recurring revenue stream.\n \n \n \n \n \n \"Quasar products are highly complementary to our Litepanels brand and this acquisition will enhance our position as a leading player in the growing LED lighting market. \n \n \n \n \n \n \"These acquisitions are an excellent strategic and technological fit, have gre...