SintecMedia Completes Acquisition of Pilat Media
Jerusalem, Israel, April 3, 2014- Israel-based SintecMedia today announced that the company has acquired Pilat Media, both providers of media business management software. According to the Wall Street Journal, Pilat shareholders registered as of 6.00 p.m. (London) on April 2, 2014, shall receive 95 pence (US$1.60) in cash for per share, save where they have validly requested to receive such cash payment in NIS.
Pilat says outstanding shares total 62,533,506. SintecMedia already was a 23 percent owner of the company. Full-year revenues for 2012, the last year reported, came in at a record £23.5 million (US$39.02 million). Profit that year was £1.47 million (US$2.44 million), up from a net loss of £860,000 (US$1.43 million) in 2011. Cash and equivalents at the end of 2012 totaled £14.9 million (US$ 24.7 million). R&D for 2012 was £3.7 (US$6.14 million).
Pilat's flagship product, IBMS (Integrated Broadcast Management System), MediaPro (advertising sales systems) and the OTTilus over-the-top (OTT) TV service platform, join SintecMedia’s line of OnAir®, SIMS, Nestor and Medea solutions to offer business management solutions with increased R&D investment.
SintecMedia will focus on harmonizing the product portfolio, leveraging best of breed modules and taking an evolutionary path towards next generation solutions to secure customer investments. Customers are expected to benefit from a broader professional services team that expands the range of industry expertise, resources available and project delivery experience, according to the company.
Pilat Media will officially become a wholly-owned subsidiary of the SintecMedia Group and will be re-registered as a private limited company. The company was de-listed from the London AIM on April 3rd.
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