ACADEMIA

SeaChange International announced that it has completed the sale of its broadcast server and storage business. The sale to the new independent company XOR Media closed today following customary regulatory approvals.

SeaChange CEO Raghu Rau commented, "This sale is an important part of our strategy to transform SeaChange into a pure play software company. Now that the transaction is complete, we can focus on our core software and services operations, including our next generation back office, video streamers, gateway software and advertising solutions.

Rau added, "As much of the same team and superior products remain in place, customers can expect a smooth transition and seamless support from XOR Media in the future."

XOR Media CEO Zheng Gao agreed, "XOR Media is a new business entity in name, but the same team and processes are here to ensure business continuity for our customers. The feedback we have been receiving on XOR Media is very encouraging, and we are excited to launch new opportunities for XOR Media's open, cloud-capable, and media-optimized servers and storage."