IMAX, the Canadian entertainment company, has purchased media technology firm Ssimwave in a move that promises to help increase its revenues and bolster its streaming portfolio. The deal, reportedly worth upwards of CAD$28 million, includes an estimated $18 million in cash, $2.5 million in stocks, and an additional $4 million in earn-out considerations subject to meeting certain performance and financial objectives.
Ssimwave, a two-time Emmy award winner in the Technology and Engineering category, was founded at the University of Waterloo by CEO Abdul Rehman, CTO Kai Zeng, and CSO Zhou Wang. The company uses artificial intelligence to enhance video quality and reduce bandwidth requirements for streaming services, and boasts an impressive client list which includes Disney, Warner Bros. Discovery and Paramount Global. Currently there are no plans to integrate the company with IMAX; Ssimwave will continue to operate independently as a subsidiary.
The acquisition appears to be part of IMAX’s strategy to deliver its signature video and sound quality to consumers on multiple platforms. The move will help IMAX reach consumers who have shifted their viewing preferences from theatres to the multitude of devices available to movie lovers at home. It will also help the company solidify its position as a leader in the entertainment technology sector, both in the downstream market with consumers and the upstream market with streaming platforms that require Ssimwave’s services.
IMAX’s revenues in the second quarter of 2022 were $74 million, an almost 50% increase over the same period in the previous year.
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