IMAX Corporation (NYSE: IMAX), a New York-based provider of entertainment technology that combines proprietary software, architecture, and equipment, acquired SSIMWAVE, a Mississauga, Canada-based provider of AI-driven video quality solutions for media and entertainment companies.
Under the terms of agreement, IMAX acquired SSIMWAVE for $18.5 million in cash and $2.5 million in stock with additional earnout consideration of $4 million, subject to achieving certain operating performance and financial objectives.
The acquisition marks a significant expansion of the company’s strategy to deliver the highest quality video images on any screen — to drive new, recurring revenue and grow its global leadership in entertainment technology. The acquisition is expected to be accretive in 2023 and have minimal financial impact in 2022. IMAX will work with SSIMWAVE in the near term to further grow its business and product suite, including international expansion. Longer-term, IMAX’s technology and post-production teams will work with SSIMWAVE’s engineering team to develop new solutions for delivering IMAX-quality video experiences across platforms, around the world.
Led by CEO Dr. Abdul Rehman, SSIMWAVE enables streaming and broadcast providers to deliver the best possible image on any device for on-demand and live video. Four of the world’s top-ten streaming media companies currently partner with SSIMWAVE to optimize video, including Disney, Paramount Global, and Warner Bros. Discovery. Its 30-person engineering team has mapped the human visual system to produce one of the most accurate measures of perceptual quality, which its AI-driven software applies to enhance video streams and files in real time.
Led by CEO Rich Gelfond, IMAX combines proprietary software, architecture, and equipment to create enhanced experiences. The company is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of June 30, 2022, there were 1,694 IMAX theater systems (1,610 commercial multiplexes, 12 commercial destinations, 72 institutional) operating in 87 countries and territories.
FinSMEs
05/10/2022