Thought Equity Motion Acquires The Assets Of Cloud Based Transcoding Provider Panvidea
Last Thursday, Thought Equity Motion announced they had acquired Panvidea, a cloud based transcoding platform formerly known as mPOINT. While the company declined to comment on the terms of the deal, I’ve learned that Thought Equity Motion acquired the assets of Panvidea, not the company as a whole. Chris Cali, Panvidea’s CEO and Co-founder will join Thought Equity Motion as VP of Platform Technologies.
Panvidea, which raised $2M in VC funding last year, never really got much traction in the market and as of March of last year, said they had “about 15 customers”. The company had been looking for a buyer for awhile and it’s a good technology pick up for Thought Equity Motion, which will integrate the transcoding platform into their T3 Platform, which already has storage, video search, preview, metadata, and delivery functionality. The company has over 400 media customers (Paramount Pictures, Sony Pictures Entertainment, National Geographic, The New York Times, and the NCAA) using their technology to manage large scale video libraries via its global footage licensing platform.
In August, Thought Equity Motion raised $25M from Shamrock Capital Advisors to expand their platform and grow internationally and I expect we’ll be seeing more of them in the market in the coming months.