The combination will provide customers with best-in-class products, strengthening OpenExchange’s position as a leader in virtual communications solutions
BOSTON, October 27, 2021--(BUSINESS WIRE)--OpenExchange Inc., a leading provider of video-enabled virtual event solutions, announced its intent to acquire Veracast Communications, Inc., which delivers webcast and live streaming solutions to the financial services, biotech, and legal industries. Veracast’s complementary product offerings for webcasting and live streaming combined with OpenExchange’s existing video conference solutions, and its ability to provide concierge managed services, will create an increasingly robust product offering.
The combination of the two platforms is expected to result in OpenExchange managing over 50,000 virtual meetings and live events per quarter around the globe. Veracast’s purpose-built webcasting platform will add a high-quality interactive livestreaming solution to the options clients may utilize to match the particular needs of their event.
"Delivering excellence through the pandemic has been a challenge for all companies," said CEO Mark Loehr. "Veracast’s reputation for ensuring all aspects of virtual events go perfectly has created a devoted clientele. Additionally, their customized feature set matches the needs of sophisticated financial institutions."
"We are excited to bring together two client-focused organizations to provide a breadth of virtual meeting and virtual conferencing services to meet our clients’ global corporate communications needs," said Veracast founder Thomas Yong. "With Open Exchange’s extensive network of professional video specialists to support interactive one-on-one meetings, live streaming and video showcase offerings coupled with Veracast’s proven webcast production expertise, our clients will have access to best-in-class meeting solutions to support the entire lifecycle of their corporate capital raising efforts."
The acquisition is subject to final approvals and other customary closing conditions and is expected to be completed by November 1st. The cash and stock purchase will be accretive for OpenExchange. OpenExchange will keep Veracast’s Dublin Ohio office and expects to use that location to increase headcount for video production services. Mark Loehr and Tom Yong will conduct a Live discussion about the combination on Wednesday, November 3rd at 8:30 AM EDT on openexchange.tv.
OpenExchange securely video-enables the vital communications of a company’s messaging, with its interoperability video technologies, tools, and concierge managed services. OpenExchange bridges the worlds of interactive videoconferencing, live streaming, and searchable on-demand video showcases. Based in Boston, New York, London, Hong Kong and Seoul, and anchored by its expertise in connecting more than 100,000 video endpoints in the professional investment community with its customizable Knovio and OE VIZION video platforms, OpenExchange makes it easy to securely connect, curate, disseminate, and discover vital information critical to drive investment and business decisions. For more information, please visit www.openexc.com and www.OpenExchange.tv.
Based in Dublin, Ohio, Veracast has been delivering industry-leading webcasting solutions to the financial services industry since 1998. Veracast develops and maintains its own proprietary webcasting platform and utilizes advanced technology from leading developers to orchestrate state-of-the-art webcasting technology and streaming media services for a wide variety of corporate communication needs. For additional information, please visit www.veracast.com.
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