Harris Broadcast Completes Acquisition of Imagine Communications

DENVER, Jan. 15, 2014 /PRNewswire/ -- Harris Broadcast, a portfolio company of The Gores Group and a market share leader of content management and network infrastructure solutions serving the global broadcast, communication service provider, government and enterprise markets, today announced it has completed the acquisition of Imagine Communications, a leading innovator in digital video solutions that deliver bandwidth-efficient services with optimum video quality.

"TV Everywhere is the future of our industry, and our customers are vigorously pursuing this path to expand their business models and improve the monetization of content across any screen," said Charlie Vogt, CEO of Harris Broadcast. "The advanced Adaptive Bit Rate (ABR) technology created by Imagine combines quality, density and a small footprint to greatly leapfrog anything else on the market today and improves transcoding economics up to a factor of 10 over competing alternatives. Our content creator and content distribution customers, including cable, MSO and telecommunications service providers, will benefit significantly from end-to-end portfolio integration that establishes a clear pathway to linear and non-linear viewing parity across every screen."

On Dec. 4^th, Harris Broadcast announced a definitive agreement to acquire Imagine Communications. The acquisition enhances Harris Broadcast's already robust solutions portfolio as the company builds the first true MultiService SDN™ (Software Defined Network), integrating sales, scheduling, automation, playout and delivery throughout both linear and non-linear content distribution networks. It also brings advanced transcoding technology utilizing cutting edge software breakthroughs that run in high density, low power commercial-off-the-shelf (COTS) and blade-server environments, consistent with Harris Broadcast's vision of software-centric, virtualized operations.

"Harris Broadcast is a recognized leader and innovator in the broadcast and media industry, and Imagine Communications is well-established as our key technology partner, enabling statistical multiplexing and switched digital video transcoding in our high quality cable distribution network," said Kevin Cuffling, Senior Director Video Engineering, Cogeco. "We are pleased that these great companies have come together and look forward to the integration advantages and innovation that will enable us to more effectively manage and distribute the highest quality content possible across any network and any device."

The acquisition expands Harris Broadcast's current R&D and innovation initiatives and increases the company's total global addressable market. Imagine Communications has invested more than 8 years in developing industry-leading technologies and its seasoned R&D team's competencies in ABR, OTT and TV Everywhere bring significant value to Harris Broadcast.

"In addition to fully supporting the existing Imagine ICE® Broadcast System customers and penetrating this attractive global market opportunity, we will leverage the quality and innovation in both companies to build next generation solutions around ABR, cloud PVR and Content Delivery Networks," said Steve Reynolds, Chief Technology Officer, Harris Broadcast. "Our combined portfolio today offers the most robust compression and processing solution in the industry. Imagine's advancements and transcoding expertise in high availability, IP-centric, Linux-based environments complements existing advancements underway at Harris Broadcast and opens the door to an array of development and integration opportunities."

About Harris Broadcast
For more than five decades, Harris Broadcast has been an innovator of market-leading media content and network infrastructure technology serving the world's most prestigious broadcast, communications service providers, governments and enterprises across 140 countries. From creating to Delivering the Moment, Harris Broadcast's business management software and end-to-end audio and video solutions are enhancing the user experience, improving workflow efficiencies and generating revenue for its customers. For more information, please visit harrisbroadcast.com. Follow us on Twitter @HarrisBroadcast.

About The Gores Group
The Gores Group, LLC is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.

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SOURCE Harris Broadcast