Net Insight Buys ScheduALL for $14 Million
STOCKHOLM, SWEDEN and HOLLYWOOD, FLA.- Media Transport provider Net Insight announced the acquisition of VizuAll Inc., trading under the name of ScheduALL, for $14 million cash. Net Insight said the acquisition will strengthen its market position in media service and workflow orchestration.
“We will continue to serve our customers and partners and accelerate the deployment of advanced solutions providing automated, assured orchestration for on-demand network services,” said Ralph Quintero, chief operating officer and owner of ScheduALL.
Fredrik Tumegård, CEO of Net Insight, said, “The acquisition also leads to a stronger customer offering which enables us to take a broader and more strategic role towards service providers and media companies. We also want to welcome our new colleagues and we are looking forward to grow together and create further success.”
Net Insight is acquiring 100 percent of the shares in ScheduALL, for $14 million on a cash and debt-free basis. The acquisition price will be paid in cash at closing and will be adjusted for the actual level of debt, working capital and cash. The payment will be funded by using available cash.
Transactional costs of an estimated SEK5 million will affect Net Insight’s third and fourth quarter results of 2015. The transaction is expected to close on Oct. 1, from which date ScheduALL will be fully consolidated. The transaction is expected to have a positive impact on earnings per share from Jan. 1, 2016.
ScheduALL, founded in 1989, is a provider of enterprise resources management software for media, broadcast and transmission businesses. Fiscal 2014 revenues totaled $10.6 million with a net profit of $0.7 million. Approximately 60 percent of revenues are recurring. In 2014, about half of revenues were derived from North American customers. ScheduALL has around 75 employees.
The companies have had a strategic partnership for several years. Together they have implemented a software-defined networking platform for service providers allowing them to offer an automated service provisioning over global wide area networks. By this solution service providers reduce operating cost and media companies gain from more flexible and efficient workflows. Net Insight can now broaden the solution with new services and applications.
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