REG - Pilat Media Global - Pilat Media launch jointly owned UK OTT company

Thu Jun 14, 2012 2:00am EDT

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RNS Number : 3195F
Pilat Media Global PLC
14 June 2012
 



 

 

Press Release

14 June 2012

 

Pilat Media Global plc

 

("Pilat Media" or the "Company")

 

Pilat Media to launch OTTilus, a joint venture focusing on the OTT market

 

Pilat Media Global plc (AIM: PGB), a leading supplier of business management software to the media industry, is pleased to announce the signing of a contract with SimpleStream Limited ("SimpleStream"), a UK company specialising in OTT (Over The Top) video solutions, whereby the parties will cooperate in developing the business of OTTilus Limited ("OTTilus"), a new jointly owned UK company.  Pilat Media will own 60% of OTTilus and SimpleStream will own 40%.

Pilat Media will invest £500,000 into OTTilus and this amount will be paid by OTTilus to SimpleStream for transferring its OTT platform and technology to OTTilus and for further enhancing it according to specifications agreed between the parties.  An additional £500,000 will be made available by Pilat Media to OTTilus as a loan (Libor + 4%) for further business development activities.  Both parties will make all their relevant human resources available to the joint venture.

For an initial period of five years and subject to some exclusions, OTTilus will be the parties' exclusive vehicle for delivering OTT solutions to TV broadcasters and operators while SimpleStream will continue to provide its OTT solutions to non-broadcasters.  The Agreement also includes certain Bring Alone, Tag Alone and First Refusal provisions and a lock-in period of three years.

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 wider solutions involving 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," said Avi Engel, CEO of Pilat Media Global plc.  "By leveraging existing technology, knowhow and a talent pool that SimpleStream brings to the joint venture, we can shorten our time to market."

SimpleStream is a London-based start up company founded in 2010 by its CEO, Adam Smith.  It currently employs 19 staff and its main shareholders are Toyon Investments, Visual Investments International and Adam Smith.  The SimpleStream OTT platform as currently available already has 14 clients in the UK including TV channels such as the Food Network, At The Races and Ideal Shopping.  These and other media companies have selected SimpleStream's hosted solution for streaming their channels to multiple devices and for catch-up TV services over the Internet.

"We are extremely excited about joining forces with Pilat Media, bringing our new joint solutions to the global market," said Adam Smith, CEO of SimpleStream.  "Our proven technology delivers OTT live streaming, catch-up TV and on demand services to viewers across a broad range of consumer devices, including smart phones, tablets and connected TVs.  By combining our strengths with Pilat Media's existing software, service delivery and international presence, OTTilus will be able to suit the needs of a much wider market, including larger broadcasters and operators and clients outside the UK."

More information about Pilat Media and the IBMS product is available at www.pilatmedia.com.

More information about SimpleStream is available at www.simplestream.com.

 

- 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 / Stephane Auton

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
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