Technology

Miranda acquires OmniBus for CDN$48.7 million

AMSTERDAM: Miranda Technologies Inc. has acquired OmniBus Systems, the media management and delivery solutions provider for television and Internet broadcasters.


The infrastructure, playout and monitoring systems company has acquired all the outstanding shares of OmniBus from European private equity firm Palamon Capital Partners for $47.15 million (CDN$48.7 million).
 
Miranda Technologies said that the deal will be financed equally between cash (CDN$50.8 million as of 30 June, 2010) and an existing credit facility. As of acquisition closing, OmniBus had a net cash position of CDN$6.7 million.


The Loughborough, UK- based OmniBus Systems has a large installed blue chip customer base, including ABC, Ascent Media, Astro, AT&T, BBC, Chellomedia, Corus, Direct TV, Discovery, E!, FOX, SkyPerfect TV, Starz, and Turner.
Miranda Technologies president and CEO Strath Goodship said, "The addition of OmniBus, and specifically iTX, allows Miranda to uniquely offer the complete range of playout solutions, from traditional hardware to a fully software-based environment. We are now exceptionally positioned to help our customers transition to more efficient operations, by offering the best fit of hardware and software products to suit their individual requirements."


OmniBus Systems CEO Mike Oldham said, "iTX is an award-winning solution on a rapid growth trajectory. By joining Miranda, we will see real product synergies, and gain more extensive worldwide sales and support, creating new opportunities to increase our share of the expanding markets we serve. Importantly, the fit with Miranda is excellent, and the OmniBus team is really excited by the clear potential for our combined businesses."

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