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Seachange International spikes 15% following agreement with Triller

SeaChange International enters into an agreement and plan of merger with Triller. The stock of SeaChange sees a spike of 15% following the release of this news.

Global public supplier of video delivery software SeaChange International, Inc. (NASDAQ:SEAC) has entered into a definitve agreement of merger with American video-sharing social network Triller. The combined business enterprise to be called TrillerVerz Corp.  

Managerial commentary

Mahi de Silva, Chief Executive Officer of TrillerVerz emphasizes how TrillerVerz will become the voice of the youth culture, and how TrillerVerz will be the focal point of content, commerce, creator and culture in the digital world. Mahi de Silva stated:

We are thrilled to announce this important milestone of TrillerVerz’s plans to enter the public market. In our short history, we have evolved from a disruptive social media platform and creator of content to one of the world’s most successful platforms where creators, commerce, and culture meet

Peter Acquino, CEO and President of SeaChange International, stated:

The business combination with TrillerVerz represents a tremendous opportunity to invest in the future of creativity. We believe that TrillerVerz’s unmatched social media reach, Gen Z engagement, and the opportunity to meaningfully expand its global multi-platform presence across content, commerce, creators, and being at the forefront of e-commerce, adtech, and NFTs, including the metaverse, is a compelling investment with the potential to create significant value

Details of the deal

The transaction will value TrillerVerz at approx. $5 billion. Subjected to regulator and stockholders approvals and other conditions the deal is expected to close in Q1 2022. The deal has already been approved by the both boards of SeaChange International and TrillerVerz.

Upon completion of the deal Mahi de Silva CEO of TrillerVerz will become the chairman of the board with Peter Aquino, CEO of SeaChange International joining his team.

TrillerVerz anticipates to becoming a leader in AI-powered social media platform for creators, content and commerce. According to TrillerVerz, creators are entitled to own, distribute, monetize and manage their content, with TrillerVerz’s design aimed to provide them with extra agency, extensibility and control.

The post Seachange International spikes 15% following agreement with Triller appeared first on Invezz.