TIDMAFRN
RNS Number : 2127H
Aferian PLC
05 April 2022
RNS
5 April 2022
AFERIAN PLC
("Aferian", the "Company" or the "Group")
Acquisition of AI-powered video recommendation service The
Filter
Complementary to the Group's 24i product offering, the
acquisition is aligned with the Group's 2025 strategy to address
the convergence of streaming services and traditional Pay TV
Aferian plc (LSE AIM: AFRN), the B2B video streaming solutions
company, today announces that it has acquired 100% of the issued
share capital of Exabre Limited, trading as The Filter ("The
Filter"), a UK-headquartered AI-powered video recommendation
service (the "Acquisition").
Acquisition detail and rationale
The Filter's cutting-edge data science, analysis and machine
learning technologies help consumers find and watch more of the
video content they love. The Filter's customers include streaming
providers Joyn in Germany, EPIX in the USA and BBC Studio owned
UKTV Play in the UK.
The Filter's technology will significantly accelerate the
roadmap of 24i's video streaming platform by adding enhanced
analytics, recommendations and personalisation to its existing data
analytics services. 24i will also market The Filter's managed
service solution to its existing OTT and Pay TV customers and
prospects as a standalone service.
Led by The Filter's current CEO Damien Read, who will join 24i
as SVP of Data Products, The Filter's team of data scientists will
continue to be based in Bath and will work alongside 24i's existing
data analytics team.
The move represents a further supportive step along the Group's
2025 strategy, which addresses the convergence of streaming
services and traditional Pay TV. It is also in line with the
Company's objective to acquire key and emerging technologies that
add value to its platform's capabilities by making it easier for
end consumers to find the video and content they love.
Consideration
The Filter generated a loss before tax of $0.5m for the year
ended 31 December 2021 and had total assets of $1.0m as at 31
December 2021.
The initial consideration is GBP1.5m ($2.0m), satisfied in cash,
of which GBP1.2m ($1.6m) was paid on completion and GBP0.3m ($0.4m)
has been deferred until 18 months after the acquisition date.
Additional consideration is payable, of up to GBP2.5m ($3.2m),
subject to achieving certain annual recurring revenue ("ARR")
growth at increments of additional ARR of GBP0.5m ($0.6m). The
additional consideration will be settled in cash and payable in two
tranches, at the first and second anniversaries of the
acquisition.
Donald McGarva, CEO of Aferian plc, said: "With The Filter's
team expertise in personalised, data-driven analytics and
recommendations, this acquisition will accelerate our vision of
making it easier to connect people to the TV and video they love.
As part of 24i, The Filter's technology enhances and complements
our offering, as well as opening up new opportunities to the
business. I would like to welcome The Filter's team to the Group,
and we look forward to working with them over the coming
years."
Damien Read, The Filter's CEO, who now becomes 24i's SVP of Data
Products, said: "The Filter has a history of significantly
improving people's entertainment experience though using cutting
edge data science. We power everything from the "recommended for
you" rails in video streaming apps, to personalised recommendations
in marketing and even entirely dynamic user interfaces that adapt
to the individual consumer's viewing habits. Continuously improving
personalisation is enormously important to our streaming customers
and our powerful insights often help to shape their strategic
thinking. We are very excited to be joining the 24i family as this
will help us to further develop our offering and bring this
game-changing technology to a wider range of entertainment
companies worldwide."
For further information please contact:
Aferian plc +44 (0)1954 234100
Mark Wells, Chairman
Donald McGarva, Chief Executive Officer
Mark Carlisle, Chief Financial Officer
Investec plc +44 (0)20 7597 5970
David Anderson / Patrick Robb / Nick Prowting
/ Cameron MacRitchie
FTI Consulting (Financial communications) +44 (0)20 3727 1000
Matt Dixon / Elena Kalinskaya
About Aferian plc
Aferian plc (AIM: AFRN) is a B2B video streaming solutions
company. Our end-to-end solutions bring live and on-demand video to
every kind of screen. We create the forward-thinking solutions that
our customers need to drive subscriber engagement, audience
satisfaction, and revenue growth.
It is our belief that successful media companies and services
will be those that are most consumer-centric, data driven and
flexible to change. We focus on innovating technologies that enable
our customers stay ahead of evolving viewer demand by providing
smarter, more cost-effective ways of delivering end-to-end modern
TV and video experiences to consumers. By anticipating
technological and behavioural audience trends, our software
solutions empower our customers to heighten viewer enjoyment, drive
growth in audience share and ultimately their profitability.
Aferian plc has two operating companies: 24i, which focusses on
streaming video experiences, and Amino, which connects Pay TV to
streaming services. Our two complementary companies combine their
products and services to create solutions which ensure that people
can consume TV and video how and when they want it. Our solutions
deliver modern TV and video experiences every day to millions of
viewers globally, via our growing global customer base of over 500
service providers.
Aferian plc is traded on the London Stock Exchange's AIM stock
market (AIM: symbol AFRN). Headquartered in Cambridge, UK, the
Company has over 350 staff located in offices in San Francisco,
Amsterdam, Helsinki, Copenhagen, Madrid, Porto, Brno, Buenos Aires,
and Hong Kong. For more information, please visit www.aferian.com
.
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