The Vitec Group Acquires Teradek for $15M
The Vitec Group, which offers broadcast and photography products and services, announced today that it has acquired Teradek for $14.9 million U.S. That breaks down as $11.5 million in cash, $2 million in Vitec ordinary shares (held in escrow for 2 years following the acquisition), and $1.4 million paid to key employees. Teradek stands to take in an additional $15.5 million on top of that based on profitability over a three-year period.
The Vitec Group will add Teradek to its Vitec Videocom division, which sells products and services designed to increase operational efficiency. The Vitec Group notes that Teradek's easy and inexpensive solutions are a solid fit for Vitec Videocom, and that Teradek will gain access to a wider client base following the acquisition. Note that the Vitec Group is unrelated to encoding company Vitec.
Teradek is based in Irvine, California, and employs 60 people. It creates products for transmitting remote live HD broadcasts. After the acquisition, it will continue to operate as an autonomous business, although working within the Vitec Videocom division.
"As a business, we are strengthened by the power of the brands which operate under the Vitec Videocom umbrella and are delighted that Teradek will contribute to our unbeatable range of solutions around the camera," says Vitec Videocom CEO Matt Danilowicz.
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