Monday August 13, 2018 0 comments
DENVER/COSTA MESA, Calif. -- Veritone Inc. (NASDAQ: VERI) today announced it has signed an agreement to acquire Denver-based Wazee Digital, a leading provider of cloud-native video management and licensing services that enable rights holders to monetize and enrich their content.
Veritone, the world’s only SaaS-based operating system for Artificial Intelligence (AI), said it will offer the Wazee Digital applications and services into the media and entertainment as well as government markets, providing Veritone customers with the ability to drive expanded revenue opportunities from their existing video, still images and audio assets.
Veritone said it will acquire Wazee for $15 million, with $7.5 million in cash and $7.5 million in Veritone common stock.
Wazee Digital, had net revenues of more than $19 million in 2017.
The acquisition is subject to customary closing conditions, and is expected to close by the end of August.
San Francisco-based GCA Advisors served as banking advisor to Veritone on this transaction, and Waller Capital Partners, headquartered in New York, advised Wazee Digital.
“Wazee Digital has a dynamic content licensing and asset management business, one of the most comprehensive operational platforms for monetization of digital media assets with a fantastic roster of blue-chip customers,” said Chad Steelberg, Veritone founder and CEO.
“And now, as a result of the recent integration between Wazee Digital’s asset management platform and Veritone’s operating system for Artificial Intelligence -- aiWARE -- joint customers can fully index, categorize, and package content on Wazee Digital’s platform, resulting in unparalleled additional revenue opportunities.”
“We’re extremely excited to leverage our best-in-class asset management and monetization capabilities with Veritone’s unique cloud-based AI operating system,” said Harris Morris, Wazee chair and CEO.
“The combined solution will provide existing Wazee Digital customers such as HBO, Bloomberg, Viacom, and FremantleMedia a proven, productized, and enterprise-grade solution to intelligently identify new ways to capitalize the value of their marquee content and ensure that content securely reaches its rightful audiences around the globe.”
Veritone and Wazee Digital have been collaborating together as technology partners since 2017, with the first integration of the companies’ products completed in April of this year.