Global multiscreen video software provider SeaChange International has announced that it has entered into a binding agreement to acquire California-based SaaS company TLL, LLC, which operates as Timeline Labs.
Timeline Labs helps local broadcasters, local and national news organisations, cable news channels and other media companies and brands to analyse social media messages in real time, as well as measure viewing audience engagement across television, mobile and PC. Timeline's customers include FOX Television Stations, Sinclair, Media General and Tribune broadcast television stations, as well as online providers like 120sports.com.
Under the terms of the agreement, SeaChange will pay $14 million in cash, $8 million in shares of SeaChange stock, and a potential deferred payment of $2.5 million as a performance-based consideration payable in shares of SeaChange stock.
The transaction is subject to customary closing conditions and is expected to close on February 2, 2015. All Timeline Labs employees, including the CEO and senior leadership team, will join SeaChange as part of the transaction. In addition, SeaChange has agreed to name one person designated by Timeline Labs' equity holders to the SeaChange board of directors, effective as of closing of the transaction.
“Timeline Labs’ success demonstrates that social media can be captured for the advantage of the television industry, bringing concrete, new value by truly reflecting and serving the current mind set of their specific audiences,” said SeaChange CEO, Jay Samit.
“While the broadcast segment represents an accretive growth opportunity for SeaChange, the Timeline Labs platform will allow us to extend the social news paradigm to multiscreen television service providers, so they can easily launch ready-made and differentiated live or on-demand content packages tailored to the interests of their subscribers.”
Timeline Labs CEO Malcolm CasSelle added, “Our teaming with SeaChange is an exciting stage for Timeline Labs. We anticipate cross-selling opportunities that will help us to extend our platform to new customers including multiscreen and OTT service providers in new geographies.”