SCISYS sets sights on growth with acquisition of ANNOVA Systems
The SCISYS group of software and IT solutions is demonstrating commitment to the media and broadcast sector by acquiring ANNOVA Systems, a German supplier of newsroom software systems. SCISYS is acquiring full ownership of ANNOVA and will allow the joint businesses to focus on growth and further engagement in the media and broadcast sectors globally.
ANNOVA has achieved significant growth as a technology leader creating innovative newsroom solutions through its OpenMedia product suite, while SCISYS is a provider of premium radio broadcasting solutions in four continents through its dira! solutions.
ANNOVA‘s OpenMedia solutions are aimed at journalistic workflows and cover all media types, including television, radio and online solutions. It has a strong customer base, with 50,000 daily users among an impressive array of public and commercial broadcasters across Europe, including the BBC under a 12-year contract.
With ANNOVA becoming part of the SCISYS Group, the enlarged business will create complementary opportunities, better access to new untapped regions and foster innovation. The transaction includes an initial consideration of €11.35m (£9.7m) in cash and a three-year earn-out of up to €16.48m (£14.1m) in cash or shares subject to achievement of key commercial targets.