QuickPlay to quick step into Europe after $100M cash injection
Joseph O'Halloran | 10-07-2012
The continued expansion plans of connected TV and premium video services provider QuickPlay Media have received a huge boost in the form of a $100 million investment from Madison Dearborn Partners.
The cash comes from the sale of a majority of QuickPlay’s outstanding equity interests to investment funds affiliated with the Chicago-based private equity firm which has a track record in helping to grow media and technology services companies.
Madison Dearborn and QuickPlay’s employees own substantially all of the eight-year-old Toronto based company which has spent the last three years quickly outgrowing its roots in mobile TV and video and into the world of connected devices for video applications. Indeed the investment will be used to support a drive by QuickPlay to bolster its nascent presence in Europe and other non-North American markets where it has served clients such as AT&T, SIRIUS XM Radio, RIM, Samsung and Verizon.
A key plank in its growth came in June 2011 when the company acquired the network operations centre assets of Qualcomm’s now defunct FLO TV division which was hoped to spearhead the advance of mobile TV across the US, Indeed the FLO technology was used by AT&T and Verizon as the technology basis of their respective mobile video offerings in the US. The acquisition effectively broadened QuickPlay’s abilities for managing on-demand content and live TV coverage of major sporting and news events for customers worldwide. At present, the company’s cloud-based OpenVideo platform currently manages more than 1.5 million content assets across more than 3,000 content providers, delivering video to more than 300 different device family profiles.
Commenting on the new investment and the potential it offers, Wayne Purboo, CEO and founder, QuickPlay Media said: “We are delighted to conclude a tremendously successful fiscal year with the announcement of Madison Dearborn as the new majority owner of QuickPlay…“We are especially excited to be connected to a firm that shares our vision of creating high-quality, scalable and cost effective multiscreen services by moving pay-TV and premium media infrastructure to the cloud.”
“QuickPlay is at the centre of one of the most exciting and promising areas in the media and technology services industry, and we are very pleased to make this investment,” added Zaid Alsikafi, a managing director at Madison Dearborn Partners. “We have identified a number of growth opportunities for QuickPlay and we look forward to working with Wayne and the talented employees of QuickPlay to achieve them and enable QuickPlay to become a global leader in this space.”