PeerTV to float on AIM
By Julian Clover
Published: October 18, 2010 09.35 Europe/London
Internet TV supplier PeerTV is looking to raise up to £6 million from a flotation on London’s Alternative Investment Market (AIM). The company, which has former Pace CEO Malcolm Miller on its board of directors, provides technology to run live streamed channels and video-on-demand over the internet to set-top boxes and connected TVs.
Established in 2007, PeerTV believes its niche to be with specific communities, in particular ethnic or national communities looking to receive content outside of their place of origin. It has over 16 customers aggregating content from Russia, Persia, Spain and India.
PeerTV provides integrated solutions to TV service providers. ts solutions include its MX Software Application middleware (content, subscriber and application management), its MX Widget-based applications (including, set-top box management, electronic programme guides, and recommendation engines) and its PeerStation hardware which connects directly to the end user’s TV.
Ronnie Jaegermann, CEO, PeerTV told Broadband TV News said the presence of Canvas neither helped nor hindered Peer TV. “We are a B2B business, we’re not trying to reach the end consumer. We’ve seen a rise in the number of companies wanting to deliver a multichannel TV service and they need a delivery platform, so we don’t think it’s conflicting,” he said. “We see a tendency in the market to move from the duopoly of cable and satellite providers that both compete with the cable content to people cutting the cord and viewing much more content at a lower price. People who want to have the Canvas technology aren’t going to have the content our customers do.”
The Company reported revenues of over $5 million for the six months ended 30 June 2010, which compared to revenues of $3.5 million for the whole of 2009. Operating profits for the six months to 30 June 2010 were $0.3 million and net income was $0.2 million.