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Company Pilat Media Global PLC
TIDM PGB
Headline

Pilat Media to acquire remaining shares in OTTilus

Released 07:00 12-Feb-2013
Number 6497X07

RNS Number : 6497X
Pilat Media Global PLC
12 February 2013
 



 

 

Press Release

12 February 2013

 

Pilat Media Global plc

 

("Pilat Media" or the "Company")

 

Pilat Media to acquire remaining shares in OTTilus

 

Pilat Media Global plc (AIM: PGB), the leading supplier of business management software to the media industry, is pleased to announce the signing of a new agreement to acquire SimpleStream Limited's ("SimpleStream") 40% holding in OTTilus Limited ("OTTilus") (the "New Agreement").  OTTilus was created under an agreement signed and announced by the Company on 14 June 2012 (the "2012 Agreement") as a joint venture between Pilat Media (60%) and SimpleStream (40%) in order to develop an enterprise class end-to-end OTT ("Over The Top") platform to support streaming, catch-up and VOD ("Video On Demand") services offered by TV operators and broadcasters over the Internet.

 

According to the New Agreement, which terminates and supersedes the 2012 Agreement, the Company is taking delivery of the developed platform in its current state and receives co-ownership rights in the deliverables.  Except for two year non-compete restrictions in respect of the parties' current clients, all trading restrictions that had applied under the 2012 Agreement will cease.  The amounts paid and payable to SimpleStream under the 2012 Agreement and the New Agreement for the acquired technology and shares total approximately £500,000 and in addition OTTilus will pay SimpleStream royalties of 3% of its revenues in the coming three years up to a maximum of £500,000.  The New Agreement provides for the transfer to OTTilus of two key technical architects as well as the provision by SimpleStream of certain handover support services to enable continuity of development by OTTilus.

 

Bob Lamb, previously Pilat Media's CTO, has been appointed as the Managing Director of OTTilus.

 

Avi Engel, CEO of Pilat Media, said: "We are extremely pleased that we have been able to reach this outcome for our new OTTilus subsidiary.  With the product's development close to completion and its launch imminent, we believe OTTilus and the Company can now benefit from the simplified 100% ownership structure.

 

"Pilat Media is already involved in several OTT related projects, often referred to as TV Everywhere/Anytime initiatives, where the Company's flagship IBMS broadcast management system provides multiplatform rights, content and media management capabilities as part of broader solutions that involve other vendors.  Through OTTilus our objectives are to increase focus on the emerging OTT market, cover a larger part of the OTT value chain and generate new revenue opportunities with existing and new clients globally."

 

- Ends -

 

For further information:

Pilat Media Global plc


Avi Engel, Chief Executive Officer

Martin Blair, Chief Financial Officer

Tel: +44 (0) 20 8782 0700

www.pilatmedia.com

 

Shore Capital (Nominated Adviser)


Dru Danford / Patrick Castle

Tel: +44 (0) 20 7408 4090


www.shorecap.co.uk

 

Media enquiries:

Abchurch Communications


Henry Harrison-Topham / Jamie Hooper

Tel: +44 (0) 20 7398 7719

jamie.hooper@abchurch-group.com

www.abchurch-group.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Pilat Media to acquire remaining shares in OTTilus - RNS