Latin America. Haivision reached a definitive agreement to acquire CineMassive Displays. With the addition of CineMassive technology, Haivision will combine low-latency live video with secure real-time data sources and communication elements to provide customers with a single-vendor solution.
CineMassive, headquartered in Atlanta, GA, has 62 employees and earned revenues of approximately US$20 million in 2020. It develops mission-critical visual collaboration technology that includes CineNet, a solution that aggregates content from multiple sources in real time for visualization and interaction within control room operations centers.
It also enables secure sharing for situational response across multi-site organizations and with remote collaborators. CineMassive has an exceptional installed base that includes Akamai, McKesson, Cox Communications, CBS, Stanford University, many U.S. emergency/police response centers. And tactical operations centers in all branches of the U.S. Armed Forces.
The combination of secure real-time video networks and data visualization creates a unique offering in the market to help with the challenge of an immediate and coordinated response to complex situations. Haivision will offer end-to-end solutions designed for mission-critical collaboration in global security operations centers, joint and tactical operations centers, public safety operations centers, and control rooms.
Transaction Details
The definitive purchase agreement provides that Haivision will indirectly acquire, through a wholly-owned subsidiary, 100% of the shares of CineMassive members without cash or debt for a total purchase price of US$30 million, subject to customary adjustments, of which US$15 million is paid for through the issuance of 2,145,326 shares of Haivision common stock and US$5 million is paid in cash.
The cash component of the transaction will be funded from Haivision's available cash. Shares issued under the transaction will be subject to a retention period of four months from the closing date under applicable Canadian securities laws. Closing is subject to receipt of certain approvals, including that of the Toronto Stock Exchange, and satisfaction or waiver of all closing conditions, which are expected to be received within 30 days.
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