Miranda Technologies Acquires IT-based Playout Provider OmniBus Systems
Miranda Technologies has acquired all of the outstanding shares of privately held OmniBus Systems from Palamon Capital Partners, a European private equity firm.
The all cash purchase, valued at CDN$48.7 million, will be financed equally between cash on hand and an existing credit facility. OmniBus Systems, which is based in Loughborough, UK and specializes in IT-based media management and delivery solutions for broadcasters, had revenues of approximately CDN $24 million for the trailing last 12 months ended June 30 2010. Its existing customers include ABC, Ascent Media, Astro, AT&T, BBC, Chellomedia, Corus, Direct TV, Discovery, E!, FOX, SkyPerfect TV, Starz, and Turner.
“With its compelling IT-based playout and automation solution, called iTX, OmniBus is leading broadcasters away from multi-vendor, hardware-based systems, towards a single fully integrated, software platform,” says Strath Goodship, Miranda’s President and Chief Executive Officer.
“Over the past four years, iTX has been adopted by many of the world’s largest and most successful broadcasters to lower costs and streamline their operations. This next generation platform has proved to be both highly scalable and reliable.”
“The addition of OmniBus, and specifically iTX, allows Miranda to uniquely offer the complete range of playout solutions, from traditional hardware to a fully software-based environment. We are now exceptionally positioned to help our customers transition to more efficient operations, by offering the best fit of hardware and software products to suit their individual requirements.”
OmniBus Systems’ iTX is a software-based television production and transmission solution, built on standard IT hardware and advanced software technology. Broadcasters and media operators can use a single, integrated system to unify and streamline ingest, media management, workflow organization, schedule management, asset management, automation, master control and playout to television, radio and the internet.
“iTX is an award-winning solution on a rapid growth trajectory,” says Mike Oldham, CEO of OmniBus Systems. “By joining Miranda, we will see real product synergies, especially in terms of graphics workflows and advanced monitoring capabilities. We’ll also gain more extensive worldwide sales and support, enabling us to further strengthen our customer service. Importantly, the fit with Miranda is excellent, and the OmniBus team is really excited by the clear potential for our combined businesses.”