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Espial to Acquire Kasenna, Expand IPTV Offerings
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July 01, 2008

Espial to Acquire Kasenna, Expand IPTV Offerings

By Nathesh, TMCnet Contributing Editor


Espial (News - Alert) Group Inc officials say they’re all set to acquire Kasenna.

 
All of the outstanding shares of Kasenna (News - Alert), Inc. will be exchanged for a total of 4,722,224 Espial common shares, according to the company. Espial has said that with the completion of the deal Espial will work to support and enhance its relationships with all Kasenna and Espial customers, partners and channels.
 
Espial provides IPTV middleware and applications that enable superior quality of experience, fast application performance, carrier-grade scalability, and open extensibility, all at a lower total cost of ownership. Kasenna deals on open standards and an intelligent management infrastructure which allow service providers, enterprises, and other organizations to build commercial-grade IP video networks that support new and emerging video services.
 
“Video services are critical for service providers’ success worldwide. The combination of Espial and Kasenna strengthens the leadership position of Espial in the IPTV (News - Alert), hybrid IP-DVB and hospitality segments”, noted Jaison Dolvane, chief executive officer of Espial. “The IPTV market remains early and fragmented, and service providers are looking for clear leaders that they can bet on. Acquiring Kasenna provides us with increased scale, expertise, and product breadth and channel access to position ourselves as the leading choice for service providers worldwide.”
 
Dolvane added: “The Kasenna team has a tremendous amount of depth and expertise in video. They’ve done an excellent job creating world class middleware and VOD products that have received industry recognition. For example, Kasenna Mediabase was ranked the number one video-on-demand product by MRG in 2007.”
 
Kasenna officials say that their shareholders have welcomed this transaction, saying the merger would create a winning combination and agreed to a majority share transaction in order to participate in the growth of Espial.
 
The transaction represents 51.2 percent of the issued and outstanding shares of Espial and will represent approximately 33.6 percent of the issued and outstanding shares of Espial on an after-issue basis. 200,954 of the common shares to be issued in connection with the merger will be issued to certain key officers and directors of Kasenna.
 
In total, 753,545 of the Espial common shares to be issued in connection with the merger, company officials say, representing approximately 16.6 percent of the Espial common shares to be issued in exchange for Kasenna shares, will be placed into escrow for a period of one year following closing of the merger as security for any misrepresentations or breach of covenants by Kasenna and its stockholders under the Merger Agreement.
 
The combined operations will deliver integrated solutions with a predictable roadmap, along with continuing to sell component products for open and homegrown IPTV and hybrid IP-DVB video systems.
 
Genuity Capital Markets & GMP Securities L.P. acted as financial advisors to Espial on this transaction. ThinkPanmure LLC acted as financial advisor to Kasenna.
 
Nathesh is a contributing editor for TMCnet. To read more of Nathesh’s articles, please visit his columnist page.
 
Don’t forget to check out TMCnet’s White Paper Library, which provides a selection of in-depth information on relevant topics affecting the IP Communications industry. The library offers white papers, case studies and other documents which are free to registered users. Today’s featured white paper is The Compelling ROI Benefits of Contact Center Quality and Performance Management Technologies, brought to you by Voice Print International (News - Alert).


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