Miranda to purchase VertigoXmedia
April 24, 2006
Miranda announced yesterday that it has entered into an agreement to acquire VertigoXmedia and its broadcast division.
Under the terms of the agreement, the 25 employees of VertigoXmedia’s broadcast division will join Miranda. The digital signage division, which is excluded from the transaction and which employs 10 people, will be spun-off in a new entity independent of Miranda, prior to the sale.
Miranda will sell VertigoXmedia’s products through its sales channels.
The transaction would allow Miranda to add a new suite of software workflow and graphics capabilities to its existing playout branding products. In addition, the VertigoXmedia graphics platform would provide Miranda with a new product range for production environments.
The total purchase price is approximately $11 million, payable in cash, and is subject to adjustments based on the value of net assets being delivered at the closing of the transaction. The deal is expected to close in early May.
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