EDISON, N.J., June 8, 2020 /PRNewswire/ -- Orion Innovation ("Orion"), a global business and technology services firm that provides digital transformation and product development services, today announced the acquisition of Zodiac Systems ("Zodiac"), a New York-based video service delivery software company. Zodiac provides advanced cloud and device software and engineering services for Tier 1 media and telecom operators globally.
Zodiac brings deep video knowhow and its software adds significant proprietary Intellectual Property (IP) to Orion's growing telecommunications and media capabilities. Zodiac's Matrix video API management cloud integration platform enables operators to seamlessly orchestrate service-by-service upgrades and migrations from legacy delivery permutations to today's OTT video IP back-office delivery platforms. In addition, Zodiac's Stack device software enables OTT apps, streaming services and monetization models to be delivered to new, existing, and deployed set-top and IP-only video devices. Founded in 2003, Zodiac's software platform spans 20 million set-tops at Tier 1 carriers.
Building core IP has been a strong focus of Orion's corporate growth strategy. The new IP from Zodiac adds significant revenues to Orion, enhancing the revenue profile of the company.
"Zodiac is a pioneer in the video service delivery space, with unique proprietary IP and deep engineering expertise to meet the increasing demand for next generation telecommunications and media services around the world," said Raj Patil, CEO of Orion. "Video is at the leading edge of the largest digital transformation opportunity. Zodiac gives us a true advantage in delivering exciting solutions to our rapidly growing telecommunications and media client base. We're thrilled to welcome Derek Harrar and the talented Zodiac team to Orion."
As part of the transaction, Derek Harrar will continue as CEO of Zodiac and join Orion's management team to lead the Media Division to scale ongoing digital transformation efforts in that space. "Over the last 18 months, Zodiac has established itself as the preferred API management cloud integration platform partnered with the major players in the OTT/IP video delivery segment," said Harrar. "Joining Orion represents the next step in that journey, combining our platform with a virtually unlimited, cost-efficient engineering pool savvy in large-scale digital transformation and product development services capabilities."
Orion and Zodiac are both portfolio companies of One Equity Partners. "Zodiac and Orion have complementary and deep skill sets that will benefit their respective client bases," said Chip Schorr, Senior Managing Director, One Equity Partners. "This latest acquisition continues Orion's inorganic growth plan and deepens relationships with blue-chip media and communications clients."
The Zodiac transaction follows Orion's acquisition of Tekmark Global Solutions earlier this year, which expanded Orion's US-based delivery team and further deepened telecom engineering expertise. Today, Orion has more than 4,000 global associates evenly distributed across Europe, Asia Pacific, and the U.S. with extensive expertise across many industries including media, communications, financial services, and others.
Orion's aggressive growth strategy to build its global delivery platform for business transformation has resulted in five transactions completed in the last 15 months. To better reflect the depth and breadth of its unified global business, Orion unveiled a new corporate brand – Orion Innovation – with a new corporate logo. The simple, yet sophisticated design highlights Orion's commitment to business transformation with agility at scale and innovation at the edge.
"Our new corporate brand reflects engineering and design thinking at its best, with agility, experience and tenure that is rare in our industry," said Patil. "After rapid expansion in the last two years, we have reached global scale. Our new corporate brand unites us in our mission to be a trusted, agile partner for business transformation initiatives, providing our clients with true 'agility at scale'."
About Orion Innovation
Orion is a premier, global business and technology services firm that provides digital transformation and product development services. Rooted in engineering and design thinking, along with a unique combination of agility, scale and maturity, its team of over 4,000 associates help Fortune 1000 companies improve efficiencies, enhance customer experiences, and develop new digital offerings. Through its delivery centers in the Americas, Europe, and APAC, Orion serves clients across financial services, professional services, communications and media, automotive, industrial automation, professional sports and entertainment, life sciences, ecommerce and education. For more information, visit www.orioninc.com
About Zodiac Systems
Zodiac Systems is a global leader in cloud and device video service delivery software. For 17 years, Zodiac's software has been quietly powering the video service delivery networks of Tier I operators. Scaled to tens of millions of devices and orchestrating myriad BSS/OSS systems, Zodiac's software has proven stable against carrier-grade SLAs over the long term. This track record is the result of well over $100 million of R&D invested in Zodiac's Matrix API management cloud integration platform and Zodiac Stack device software. Known as the Gold Standard in Legacy Migrations, the Zodiac Stack has a long history of bringing apps and enhanced user interfaces to any set-top box, from legacy to next gen. More recently, Zodiac Matrix has built a reputation for rapidly integrating new back-offices at operators as they launch IP-enabled services. To learn more about Zodiac, visit www.zodiacsystems.com
About One Equity Partners
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 180 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com
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