Orad Enhances Its Sports Solutions with Investment in IBIS
Orad Hi-Tec Systems, a provider of real-time video graphic solutions, announced the signing of an investment agreement for 63.38% of Integrated Broadcast Information Systems (IBIS). As part of the deal, Orad will invest $2.11 million with an option to increase its holdings to 100% within the next 54 months. Future investment price is dependent on the future revenues and net profits. Completion of the transaction is expected within the next 3 months.
“We are extremely happy with the acquisition of IBIS,” said Avi Sharir, president and CEO of Orad. “We see many synergies between IBIS’s portfolio and Orad’s graphics and video server range of solutions. The integrated solution between Orad and IBIS will further enhance Orad’s position in the sport and news market segments, offering our customers significant added value.”
IBIS was established in 1991 and specializes in the fast growing market of Media Asset Management (MAM) for fast turnaround file-based workflows in sports and news. IBIS is headquartered is in the U.K. with support operations in North America and Asia. IBIS’s customers include ESPN Star Sports, the BBC, and the Irish Parliament in Dublin.
With the growing market demand for fast turnaround tapeless workflows in the sports broadcasting market, MAM technologies enable the exploitation of the customer’s media and effectively manage it. The IBIS iFind is an integrated suite of browser based Media Asset Management (MAM) applications that provide users with the functionality to ingest, annotate, tag, store, edit, move, transmit, and publish media content.
“We are delighted to be joining forces with Orad and the combination of our products make a powerful offering for the demanding environments of sport and news,” commented Mike Shaw, managing director of IBIS. “The relationship will allow us to grow and further exploit our innovative solutions in this exciting market.”