Cinedigm recently signed an agreement to acquire FoundationTV, a comprehensive direct-to-consumer streaming technology, artificial intelligence, machine learning, and data analytics platform company.
Cinedigm will integrate the FoundationTV and Matchpoint technology platforms, and their software engineering teams, to a new Indian-based division, Cinedigm India.
The new division will serve the Company’s engineering, research and development center for video streaming technology.
Aside from enhancing and extending Cinedigm’s streaming technology platform, the India team will begin developing and creating a new, branded global “umbrella” service that showcases Cinedigm’s portfolio of more than 20 branded streaming channels and tens of thousands of hours of video content.
“As the media business rapidly shifts to highly personalized, direct relationships with consumers, the acquisition of FoundationTV’s comprehensive streaming technology platform gives Cinedigm the end-to-end technological capabilities to compete with anyone in the industry,” said Chris McGurk, Chairman, and CEO of Cinedigm.
It plans to enable subscriptions separately, or with multiple Cinedigm services under one affordable bundle, and to purchase directly from Cinedigm. Also available in app stores across the streaming ecosystem, as well as through distribution partners around the globe.
The FoundationTV transaction will increase the value to Cinedigm’s earnings within the first twelve months due to associated cost savings associated with Indian operations, and additional cost improvements related to the combination of Matchpoint and FoundationTV.
The company was formed in 2013 by a team of computer and data scientists from Apple, Oracle, NEC, and Yahoo, with substantial expertise in streaming media, big data, AI, cloud, and distributed systems.
The Silicon Valley and India-based company created the FoundationTV streaming platform with the goal to enable highly personalized streaming services that can operate on a global scale.