PRINCETON, N.J. -- April 5, 2013 -- A group of Triveni Digital employees has joined together to buy LG Electronics' stock in the company, thus establishing a majority ownership position. The transaction, which closed in late February, makes Triveni Digital a fully independent company.
Mark Simpson, president and CEO of Triveni Digital, and managing member of the new employee holding company, expressed enthusiasm about the transaction and prospects for future growth. "We believe the industry is entering an exciting transition phase. Content consumption and viewing habits are changing rapidly, just as new technologies are emerging to address this pent-up demand."
"While our current business is healthy, we see an exceptional opportunity for growth over the next several years, " said Simpson. "Triveni Digital has a long track record of digital TV technology innovation, and we are well positioned to extend our current product lines to address our customers' evolving needs. A key area of focus that we'll address at next week's 2013 NAB Show is how Triveni Digital plans to help local broadcasters further exploit their infrastructure assets to earn new revenues from their news and other local content."
As part of the buyout agreement, Triveni Digital will continue to develop technologies for LG Electronics' industry-leading hospitality TV business.
"We've always had a strong relationship with LG Electronics, and I expect that relationship to continue to grow," said Simpson. "While we look forward to working with LG in the future, our independence will enable Triveni Digital to pursue new funding sources and partnership initiatives in order to implement our new business strategy. We expect to take a leadership role in helping local media providers generate new forms of revenue and enhance their service offerings, while partnering with many others in the industry on these initiatives."
Since it was founded by LG in 1997, Triveni Digital has been a leading provider of metadata management, advanced content distribution, and video quality assurance systems for the broadcast, cable, telco, and IPTV industries. Leveraging deep experience in advanced digital media technologies and leadership roles in organizations such as ATSC and SCTE, Triveni Digital products set the industry standard for reliability, ease of use, and value.
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About Triveni Digital
Triveni Digital Inc. develops systems that enable television service products for program guide and metadata management, data broadcasting, and video quality assurance are renowned for their ease of use and innovative features. Working with leading industry partners, Triveni Digital employs an open and standards-compliant approach to the digital television market. More information is available at www.TriveniDigital.com.
Note to Editors: When referring to Triveni Digital, please use the complete company name, "Triveni Digital." Product and company names mentioned herein are the trademarks or registered trademarks of their respective owners.