ORAD acquires IBIS
Orad Hi-Tec Systems has signed an investment agreement for 63.38% of IBIS with the aim of leveraging its MAM expertise to boost its tapeless offering. As part of the deal, Orad will invest $2.11m in cash with an option to increase its holdings to 100% within the next 54 months. Completion of the transaction is expected within the next three months.
Here’s the statement: “With the growing market demand for fast turnaround tapeless workflows in the sports broadcasting market, Media Asset Management technologies enable the exploitation of the customer’s media and effectively manage it; during such events it is imperative to capture and catalog key plays during the event in the fastest and most efficient fashion. The IBIS solution does just that. The IBIS iFind is an integrated suite of browser based Media Asset Management (MAM) applications providing users with the functionality to ingest, annotate, tag, store, edit, move and transmit or publish media content.”
Avi Sharir President and CEO of Orad commented: “We are extremely happy with the acquisition of IBIS. We see many synergies between IBIS’s portfolio and Orad’s graphics and video server range of solutions. The integrated solution between Orad and IBIS will further enhance Orad’s position in the sport and news market segments, offering our customers significant added value”
Mike Shaw Managing Director of IBIS commented: “We are delighted to be joining forces with Orad and the combination of our products make a powerful offering for the demanding environments of sport and news. The relationship will allow us to grow and further exploit our innovative solutions in this exciting market”