DENVER — Thought Equity Motion, the Wyoming-born company that warehouses, licenses and distributes precious video files for leading media sources worldwide, has sold a significant minority stake to Investcorp Technology Partners of New York, London and Bahrain.
The sale was announced last week, and Thought Equity Motion CEO Kevin Schaff mentioned it during the Cheyenne Rotary Club’s luncheon yesterday.
According to the company release, Investcorp’s Technology Partners III Fund invested a total of $28 million, making it the largest single shareholder in the company today. The fund has invested in six other tech companies.
Andrew Flett, a partner at Investcorp in New York, and Hazem Ben-Gacem, an Investcorp managing director and co-head of its technology investment team, will join Thought Equity Motion’s board of directors.
“We are delighted to partner with Thought Equity Motion’s management team and shareholders to continue building what is already the fastest growing cloud-based video management service provider,” Flett said.
“With its technology leadership, blue-chip client base and superb management, Thought Equity Motion is well positioned to drive transformation in the video supply chain in the U.S., Europe and Asia. Thought Equity Motion is a perfect addition to our existing top-notch portfolio of media and technology companies,” Flett noted.
“Our partnership with Investcorp validates our leadership position, and Investcorp’s global presence and relationships will fuel our growth trajectory around the world,” said Thought Equity Motion’s Schaff.
“With the explosion of demand for video content, video rights holders are seeking to unlock the value of their assets and make their libraries accessible for next-generation uses. At the same time, the video production community is always seeking to maximize its resources by leveraging high-quality previously shot footage,” Schaff said.
For more Daily news click here and look under 'Breaking News'