Masstech Taken by Canadian VC
TORONTO, ONTARIO, CANADA—Masstech, provider of workflow and media asset management technology, is now majority owned by Covington Fund II Inc.
The ownership change brings Masstech’s business under the newly formed corporate entity Masstech Innovations Inc. Masstech provides software and expertise for media organizations to manage digital media content and related information throughout its lifecycle
“For our customers, beyond the new formal corporate name, the ownership change should be completely transparent,” said Joe French, president and CEO of Masstech Innovations. “We are executing on our same strategy, continuing our rich history of innovation with the same unwavering focus on broadcasters and the media and entertainment industry.
“We have invested significantly in R&D over the past three years for our next generation of solutions, from our pending new MAM software releases to laying the groundwork for future game-changing innovations on our roadmap. Meanwhile, our award-winning newsroom solution is now benefiting nearly 100 stations, and we are poised to double that footprint less than three years after its introduction. The ownership change positions us to accelerate our growth as we build on this enviable foundation, and we’re thrilled to be working with the Covington team to take Masstech to new heights.”
Phil Reddon, managing partner at Covington, said, “We remain impressed with Masstech’s vision, insight, ground-breaking technologies and deep understanding of its target markets. We are extremely excited to take majority control of the company, particularly at a time when it is poised to break through to the next level of growth.”
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