TORONTO, March 31, 2014 /PRNewswire-iReach/ -- Masstech Group, whose solutions enable media companies to save, share and transform content, today announced it has signed a letter of intent to acquire the products and technology of PlayBox Technology, the market leading provider of channel-in-a-box solutions for television. The shareholders of PlayBox Technology will continue to own and operate Playbox' system integration, support centre and worldwide distribution through its eight offices in Europe, Asia and the United States, and their associated reseller networks. Solutions from the two companies will be on display side-by-side at the National Association of Broadcasters' convention at the Las Vegas convention center, April 7-10, Booth #N5506 and #5434. The acquisition is expected to be completed in May 2014.
"The success of Masstech's solutions and the dynamic changes being driven by consolidation in the broadcast market signaled to our shareholders, who represent some of the largest Venture Capital and Private Equity firms in Canada, that now is the right time to make strategic additions to the Masstech product portfolio," said Masstech CEO Joe French. "Adding PlayBox enables us to extend the Masstech platform to create the first fully integrated broadcast environment that includes playout and graphics within the asset management system. Our partnership with PlayBox will also significantly expand the worldwide distribution of Masstech's products and solutions through the PlayBox network."
The expanded Masstech solution will be the first in which assets will be managed by an open platform across the entire broadcast chain, including ingest, production, and transmission, and embracing legacy infrastructure across all popular editing, automation and playout systems .
French said, "We at Masstech believe that controlling all of the component technologies is the key to enabling both a fully integrated solution and a price point that aligns with and supports the business models being adopted by forward thinking broadcasters. This agreement springboards us past the inherent inefficiencies of fragmented, multi-vendor products and creates a single source solution that best matches the needs of our end users."
PlayBox Technology's founder and CEO Vassil Lefterov said, "This is a very exciting opportunity for our business that we believe will have an important impact on the broadcast industry, while also expanding our product offering for managing our customer's media assets. PlayBox products and knowledge are extraordinarily complementary to Masstech's and we see tremendous synergies between the two brands. We have been looking for a strategic partner for a long time. Our partnership with Masstech will allow us to take the next step in our company's evolution."
Since 1999, PlayBox Technology has deployed more than 14,000 Playout and Branding Channels in over 120 countries. The company researches, designs, develops and provisions broadcasting products, systems, solutions and services for a wide range of television applications including start-up TV channels, remote playout TV channels, DVB (ASI/IP) TV channels, ad insertion, interactive TV, music channels, film channels, disaster recovery, satellite broadcasters, IPTV, SMS2TV, Internet TV, webcasters as well as local, regional, national and international broadcasters.
For more information about Masstech and its industry-leading archiving and media management solutions visit www.masstech.com.
About Masstech Group
Masstech Group is the leading provider of powerful tools for media asset management and transcoding technology for the media and entertainment industries. From global media companies to corporate video production departments, organizations of all sizes rely on Masstech for file-based workflow solutions that have tangible impact on efficiency and productivity. Masstech serves a customer base that spans Asia Pacific, the Middle East, Europe, North and South America. Founded in 2002, the company is headquartered in Toronto, with offices in Australia, Europe, India and the United States. For complete information visit:www.masstech.com.
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SOURCE Masstech Group