Oslo, Norway, 5 November 2012 – Incitia Ventures has exited its investment in T-VIPS, the professional video transport company, by merging T-VIPS with Nevion, another Norwegian-based broadcast technology company backed by the private equity firm Herkules Capital. The combined company will be named Nevion and has 2012 revenues of about NOK 330 million. Incitia owned 26 % of T-VIPS and has since 2005 been the co-lead investor in the company together with Northzone Ventures.
“We did the first round investment in T-VIPS prior to the company having any revenues, and have participated in developing the company to a global niche leader and close to NOK 100 million in revenues.” Says Erik Sandersen partner in Incitia Ventures and responsible for the T-VIPS investment. “Now it was natural to determine the future strategic direction and we found that T-VIPS’ future potential best could be realized in a larger industrial setting.”
The merger is structured as a cash and shares transaction. No further financial details of the deal are to be revealed, however, Incitia gained a 2,25 multiple on the transaction.
The combined company will be a significant player within the professional broadcast video space:
Johnny Dolvik, CEO of T-VIPS, said: “Joining forces with Nevion will give us critical mass, increased market presence and enables us to realize our shared vision to shape the future of media transport right across the media value chain. It makes a real statement to the market. We have a complementary culture of innovation and a vision that we believe will resonate and bring benefits to our customers and partners.” Mr Dolvik will be a member of the core management team of the merged company.
Geir Bryn-Jensen, CEO of Nevion, added: “With the explosion in global media consumption and the growing need for broadcasters and service providers to deliver media content quickly on multiple platforms, the timing of our merger makes perfect sense. Now is the right time to profit from the rapid shift towards media networking over IP, deliver the new generation of optical transport and enable the emerging media delivery business models.“
About T-VIPS T-VIPS is a global leader in professional video transport solutions. We help our customers deliver next-generation TV services such as 3D, HDTV, live events and local content. Our IP-based video transport and Digital Terrestrial TV solutions allow network operators, broadcasters, and content providers to deliver the highest picture quality at the lowest cost. Leveraging our technology expertise in video over IP, video compression, transport stream processing, monitoring and seamless switching we deliver products and solutions that improve Quality of Service (QoS), ensure high quality in live contribution workflows and enable state of the art DTV. Our wide range of products enables fast time-to-market, increased reliability and improved video quality. We also provide fully customizable solutions, tailored to customer needs to deliver increased efficiency in video transport infrastructures. T-VIPS is driven by innovation, customer success, and the application of new technologies to enhance both traditional video transport and Over The Top infrastructures and ensure the delivery of high quality content to TV ready mobile devices.
About Nevion Moving beyond video transport to fully managed and controlled video networking, Nevion manufactures award-winning systems for broadcasters, service providers and government agencies worldwide. Highly modular solutions encompass IP and optical transport, state-of-the-art compression and routing for any video format over any network infrastructure—within buildings or across continents. With the industry’s greenest and most scalable products, Nevion preserves quality while delivering video from content acquisition through distribution. By creating new service-offering opportunities or minimizing costs, Nevion enables its customers to move, manage and monetize video content. World headquarters in Sandefjord, Norway, with U.S. headquarters in Oxnard, California, Nevion also maintains offices in Oslo, Chicago, London, Dubai, Beijing and Singapore.