Avail-TVN Raises $100 Million Of Financing To Fund Global Expansion And Domestic Service Development; Acquires On Demand Group
The Carlyle Group Invests in Leading Global Digital Media Services Company
RESTON, Va., May 22, 2012 /PRNewswire/ -- Avail-TVN, the largest global provider of advanced digital video services, today announced that global alternative asset manager The Carlyle Group (NASDAQ: CG) will lead $100 million of new investment funding, enabling Avail-TVN to acquire UK-based On Demand Group, a provider of video on demand services to some of the biggest television brands outside of the United States. Carlyle joins existing Avail-TVN investors including Columbia Capital, Valhalla Partners, Novak Biddle and Pioneer Ventures. With this investment, Carlyle is now Avail-TVN's largest investor.
Avail-TVN will use this investment to fund international expansion and the development of new products and services for the company's global client base of content providers and multichannel video service providers. The first investment from this new financing, the acquisition of On Demand Group from SeaChange International (NASDAQ: SEAC), expands Avail-TVN's reach to more than 25 countries, serving more than 70 million households globally.
"Our strategy has been to invest in leading players across the digital media ecosystem and incorporate them into one company to build Avail-TVN into the largest provider of advanced digital video services worldwide," said Ramu Potarazu, Avail-TVN's chief executive officer. "The Carlyle Group's investment supports that vision, and provides the capital and global network to build upon this foundation both domestically and internationally. With the integration of On Demand Group, we broaden our capabilities, extend our distribution and are able to further develop monetization opportunities for our customers in the rapidly-changing digital media space."
On Demand Group which provides digital media services for some of the biggest television brands outside of the US, will continue to service its customer base of leading broadband, television and mobile service providers. The company provides transactional video offerings to operators in 20 countries. Merging the two companies brings together a diverse customer base, strong content relationships with leading entertainment and media companies around the globe, highly developed and proven workflow and delivery systems, a wealth of entrepreneurial management talent and the finance and scale to drive aggressive revenue growth.
"With the addition of the On Demand Group, Avail-TVN becomes the largest provider of digital video in the world, reaching more households in more countries than any other company in the space," said Will Smales, associate director, The Carlyle Group. "As the digital video market continues to evolve and mature, the company is poised to capitalize on opportunities around the globe and play a critical role in the continuing evolution of the industry."
Avail-TVN is the largest global provider of digital video services to both service providers and content owners. The company applies its managed service approach, powered by proprietary technology, to the areas of video-on-demand, linear content delivery, TV Everywhere, advanced advertising and data services. For more information, please visit http://www.avail-tvn.com.
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