Miranda Technologies announced this morning that it has acquired OmniBus Systems, a provider of IT-based media management and delivery solutions for television and Internet broadcasters. The all cash deal, which is valued at $48.7 million, will be financed using cash on hand (Miranda had $50.8 million in cash as of June 30, 2010) and an existing credit facility.
OmniBus Systems is headquartered in the United Kingdom, with satellite offices in Malaysia and Lakewood, Colorado. According to the company's website, it employs approximately 120 workers. For the twelve months ended on June 30, 2010, OmniBus Systems generated approximately $24 million in sales, boasting a large list of blue chip customers: ABC, AT&T, BBC, Direct TV, Discovery, E!, Fox and Turner.
Strath Goodship, Miranda's president and chief executive officer had this to say about the acquisition:
“The addition of OmniBus, and specifically iTX, allows Miranda to uniquely offer the complete range of playout solutions, from traditional hardware to a fully software-based environment. We are now exceptionally positioned to help our customers transition to more efficient operations, by offering the best fit of hardware and software products to suit their individual requirements.”
iTX is a next generation software-based production and transmission solution built on standard IT hardware and advanced software technology. iTX allows broadcasters to launch both multi-channel operations and low-cost channels or establish backup systems that reproduce the entire transmission chain, complete with automation, ingest, editing and content management.
Mike Oldham, CEO of OmniBus Systems, talked about the benefits of joining Miranda:
"By joining Miranda, we will see real product synergies, and gain more extensive worldwide sales and support, creating new opportunities to increase our share of the expanding markets we serve. Importantly, the fit with Miranda is excellent, and the OmniBus team is really excited by the clear potential for our combined businesses.”