FilmTrack Secures $20 Million Growth Investment From Insight Venture Partners
STUDIO CITY, Calif., Aug. 26, 2013 /PRNewswire/ -- FilmTrack, a world leader in software-as-a-service (SaaS), rights and content management for the film, video and television industry, today announced the closing of a $20 million equity investment from Insight Venture Partners. FilmTrack will use the proceeds to support rapid growth as it expands the global roster of clients using FilmTrack to better manage and monetize their intellectual property. As part of the transaction, Peter Sobiloff and Nikitas Koutoupes, managing directors at Insight Venture Partners, will be joining FilmTrack's Board of Directors. The company also announced that Michael Lang, who has been an active strategic advisor to the company since 2012, has joined FilmTrack's Board of Directors.
"We're excited to partner with the Insight team to accelerate our growth and accommodate our clients' exponentially expanding needs to better manage their intellectual property, content and data. Wider distribution via mobile and the Internet has exploded licensing and viewership opportunities – we help clients reap the benefits from this trend," said Jason Kassin, CEO at FilmTrack. "We are also delighted to further our collaboration with Mike Lang who has been an invaluable advisor to the Company in many ways since 2012 including this game-changing capital raise. With our new Board and this capital infusion, FilmTrack is poised to capture a new wave of expansion."
FilmTrack offers cloud-based enterprise-class solutions for content, contract, and rights management that enable film, video and television publishers to manage the entire intellectual-property lifecycle – from inbound script to optimizing global distribution agreements and capturing unexploited revenue streams.
FilmTrack currently provides business and technology solutions to more than 100 well-known companies including Relativity Media, The Weinstein Company, Focus Features, Miramax, Lionsgate, Screen Australia and Starz. The investment comes as media companies are increasingly shifting towards FilmTrack's software platform to streamline their IP supply chain and license sales activities.
Insight Venture Partners is a global growth equity investor that specializes in collaborating with software, eCommerce, Internet and data-services companies to help them achieve profitable growth via organic and M&A paths. The firm has invested in more than 15 SaaS technology companies in the past three years and will work with FilmTrack's management to identify new strategic opportunities for growth.
"FilmTrack has established a very impressive niche in delivering innovative business solutions to the media sector at a time of rapid transition to digital technology," said Insight Venture Partners' managing director Peter Sobiloff. "We look forward to working closely with Jason and his team to further scale the business, expand their global client base and broaden the Company's reach into new verticals."
Michael Lang, joining FilmTrack's Board of Directors, commented: "I know from firsthand experience that FilmTrack is the long-awaited platform that will enable film and television companies to effectively and efficiently manage their IP from inception to long-tail release. The Company solves an issue that content publishers have been dealing with for years."
Lang, CEO of Lang Media Group, an advisory and sponsor equity firm, brings significant industry experience to FilmTrack. He recently served as CEO of Miramax, where he successfully turned the company around with aggressive global licensing of the Studio's 700-plus film library. Prior to Miramax, Lang ran Business Development & Strategy for Fox Entertainment, where he helped oversee the creation of Hulu, the acquisition of MySpace and the launch of new cable channels.
FilmTrack (www.filmtrack.net) is a leading provider of content and rights management for the global film and television industry. A cloud-based, SaaS company, FilmTrack offers enterprise-class solutions for delivery and display of rich media and content, contract administration, invoicing, rights management, availability and physical materials tracking. FilmTrack's technology, product suite and services, which are now in use by some off the world's foremost film and television distributors, help companies drive sales productivity and growth by better managing and monetizing IP throughout its life cycle. The company was co-founded and is now run by two brothers with extensive experience in the IT and media world, Jason Kassin (CEO) and his brother Stephen Kassin (President).
About Insight Venture Partners
Insight Venture Partners is a leading global private equity and venture capital firm investing in software, eCommerce, Internet, and data-services companies. Founded in 1995, Insight has raised more than $7.6 billion and made more than 190 investments worldwide. Insight's mission is to find, fund, and work successfully with visionary executives who are driving change in their industries. Insight provides them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com.
About Lang Media Group
Lang Media Group is an advisory and sponsor equity firm focused on the media and digital space. The company's President is Mike Lang, former CEO of Miramax as well as a Senior Executive at both Fox Entertainment and The Walt Disney Company. Beyond advising various clients on strategic issues, M&A and capital raises, Lang currently serves on the Board of FilmTrack, the Harlem Globetrotters and video game developer Foundation 9.
SOURCE Insight Venture Partners