Montreal-based real-time video streaming company Haivision Systems (TSX: HAI) has received a non-binding takeover bid from video and audio infrastructure solutions maker Evertz Technologies (TSX: ET).
Ontario-based global technologies specialist Evertz has proposed to acquire all of Haivision’s issued and outstanding common shares for US$4.50 each.
Evertz is currently Haivision’s third largest shareholder.
Any formal and binding offer would be subject to the completion of due diligence procedures by Evertz.
Haivision’s board is reviewing the proposal and will provide an update.
Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions.
The company’s connected cloud and intelligent edge technologies enable organisations worldwide to engage audiences, enhance collaboration and support decision making.
Haivision reported a revenue of C$125.7 million for the 2022 financial year and an adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) of C$8.1 million.
Total expenses of C$91.5 million were attributed in large part to the acquisition of video wall solutions company CineMassive Displays (since renamed Haivision MCS) and ultra-low-latency wireless provider Aviwest as well as a non-recurring restructuring cost of C$2.3 million offset by a reduction in share-based compensation.
During FY2022, Haivision received the “Best Encoding Hardware for Live Production” award at the annual Streaming Media Readers’ Choice Awards.
Other accolades included a fourth Emmy Award for Technology & Engineering for the “Management of IP Multicast Video Distribution to Desktops and TVs in News and Media Production Facilities”.
Haivision also locked-in the “Best Corporate Video and Enterprise Video Content Management Platform” at the 2021 Streaming Media Readers’ Choice Awards.
Evertz designs, manufactures and markets video and audio infrastructure solutions for the television, telecommunications and new-media industries.
The company’s solutions are purchased by content creators, broadcasters, specialty channels and television service providers to support increasingly-complex multi-channel digital network environments and by telecommunications and new-media companies.
Evertz’ products allow customers to generate additional revenue while reducing costs through efficient signal routing, distribution, monitoring and management of content as well as the automation and orchestration of more streamlined and agile workflow processes onsite and in the cloud.