IMAX Corporation (NYSE: IMAX), a New York-based provider of entertainment technology combining proprietary software, architecture and equipment, acquired a Mississauga, Canada-based provider of artificial intelligence-driven video for media and entertainment companies Quality solution provider SSIMWAVE.
Under the terms of the agreement, IMAX will acquire SSIMWAVE for $18.5 million in cash and $2.5 million in stock, and will acquire SSIMWAVE for an additional proceeds consideration of $4 million, subject to the achievement of certain operating performance and financial objectives.
The acquisition marks a significant expansion of the company’s strategy to deliver the highest quality video imagery on any screen – to drive new recurring revenue and strengthen its global leadership in entertainment technology. The acquisition is expected to be accretive in 2023 with minimal financial impact in 2022. IMAX will work with SSIMWAVE in the near term to further develop its business and product portfolio, including international expansion. Longer term, IMAX’s technical and post-production teams will work with SSIMWAVE’s engineering team to develop new solutions to deliver an IMAX-quality video experience across platforms worldwide.
Led by CEO Dr. Abdul Rehman, SSIMWAVE enables streaming and broadcast providers to deliver the best possible picture for on-demand and live video on any device. Currently, four of the top ten streaming companies in the world work with SSIMWAVE to optimize video, including Disney, Paramount Worldwide and Warner Bros. Find. Its 30-person engineering team has mapped the human visual system to produce one of the most accurate measures of perceptual quality, and its AI-powered software is adapted to enhance video streams and files in real time.
Led by CEO Rich Gelfond, IMAX combines proprietary software, architecture and equipment to create enhanced experiences. The company is headquartered in New York, Toronto and Los Angeles, with offices in London, Dublin, Tokyo and Shanghai. As of June 30, 2022, there were 1,694 IMAX theater systems (1,610 commercial multiplexes, 12 commercial destinations, 72 establishments) in operation in 87 countries.
Financial SMEs
May 10, 2022