BOSTON, April  10, 2024  (GLOBE NEWSWIRE) -- SeaChange International, Inc. (OTC: SEAC) (“SeaChange” or the “Company”), a leading provider of video delivery, advertising, streaming platforms, and emerging Free Ad-Supported Streaming TV services (FAST) development, has entered into an omnibus amendment (such amendment, the “Amendment to the Purchase Agreements”) to the previously announced asset purchase agreement and software purchase agreement (the “Original Purchase Agreements”) with affiliates of Partner One, one of the fastest-growing software conglomerates in the world, in response to an acquisition proposal from a third party that the Company received during its go-shop period, which expired on April 8, 2024. Under the Amendment to the Purchase Agreements, Partner One, through its affiliates, will acquire substantially all of SeaChange’s assets related to its product and services business (the “Amended Asset Sale”), and will assume certain liabilities, for an aggregate purchase price of $32,001,000 (the “New Purchase Price”), less SeaChange’s cash and cash equivalents at closing (the “Closing”). The New Purchase Price represents an increase of over $2 million compared to the previously announced asset sale (the “Previously Announced Asset Sale”) and is the only material detail of the Amended Asset Sale that differs from the Previously Announced Asset Sale. The Company now expects the Amended Asset Sale will result in net proceeds to SeaChange of between $15-17 million upon Closing.

Similar to the previous disclosure, the Amended Asset Sale, which has been approved by SeaChange’s Board of Directors, is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange’s outstanding common stock. Subject to such closing conditions, the Closing is expected to occur in the first quarter of SeaChange’s fiscal year 2025 (i.e. by the end of April 2024).

SeaChange Special Meeting of Stockholders and Proxy Supplement

As previously disclosed, SeaChange is still holding a special meeting of SeaChange stockholders on April 17, 2024, at 10:00 a.m., Eastern Time (the “Special Meeting”), to consider, among other things, a proposal to approve the Amended Asset Sale pursuant to the Amendment to the Purchase Agreements in conjunction with the Original Purchase Agreements. In addition, the record date has not changed and remains March 18, 2024. On or about March 22, 2024, SeaChange mailed a proxy statement (the “Proxy Statement”) to consider and vote on proposals relating to the Previously Announced Asset Sale. Due to the Amendment to the Purchase Agreements related to the Amended Asset Sale, SeaChange intends to post a proxy supplement (the “Proxy Supplement”) on SeaChange’s corporate website (www.seachange.com) and www.proxyvote.com on or about April 11, 2024 supplementing the Proxy Statement regarding certain material details of the Amended Asset Sale that differ from the Previously Announced Asset Sale. Please carefully read the Proxy Statement and Proxy Supplement along with exhibits attached thereto, but please note that applicable SeaChange stockholders should use the proxy card that was previously sent to them with the Proxy Statement. Also, SeaChange stockholders should please note that Proposal No.1 on the proxy card now refers to the Amended Asset Sale. If SeaChange stockholders have already delivered a properly executed proxy and do not wish to change their vote, they do not need to do anything.

Needham & Company, LLC is acting as exclusive financial advisor to SeaChange in this transaction, and K&L Gates LLP is acting as legal counsel to SeaChange in this transaction.

About SeaChange International, Inc.SeaChange International, Inc. (OTC: SEAC) provides first-class video streaming, linear TV, and video advertising technology for operators, content owners, and broadcasters globally. SeaChange technology enables operators, broadcasters, and content owners to cost- effectively launch and grow premium linear TV and direct-to-consumer streaming services to manage, curate, and monetize their content. SeaChange helps protect existing and develop new and incremental advertising revenues for traditional linear TV and streaming services with its unique advertising technology. SeaChange enjoys a rich heritage of nearly three decades of delivering premium video software solutions to its global customer base.

About Partner One

Partner One is one of the fastest-growing enterprise software groups in the world, with a proven track record of acquiring and growing enterprise software companies. Over 1,200 enterprises and government organizations rely on Partner One software, including 80% of the largest companies in the world. For more information, please visit: PartnerOne.com.

Contact:SeaChange International 1.978.897.0100info@schange.com

Source: SeaChange International, Inc.

SeaChange Announces an Amended Purchase Agreement with

SeaChange International, Inc. announces an amended purchase agreement with Partner One, a software conglomerate, where Partner One will acquire SeaChange's assets for $32,001,000. The amended deal represents an increase of over $2 million compared to the previous agreement. The transaction is subject to approval by SeaChange's stockholders and is expected to result in net proceeds of $15-17 million for SeaChange. SeaChange's special meeting of stockholders is set for April 17, 2024, to vote on the amended asset sale.