Quickplay secures $57MN growth capital
DetailsMichelle Clancy | 27 March 2015
Private equity owner Madison Dearborn Partners, financing partner Orix Ventures and Difference Capital Financial have led a $57 million funding round in growth in managed multiscreen video services firm Quickplay.
The funding brings the company to more than $150 million of total investment since the company's inception in 2003.
Quickplay's video platform has set several industry benchmarks, becoming the world's largest distributor of linear OTT TV distributing 700 channels, managing 2 million VOD assets, securing content connections to 250 premium content providers covering Hollywood to Bollywood and servicing an addressable market of over 700 million subscribers worldwide.
"We have enjoyed successive years of high growth with our managed services, building a unique position that continues to disrupt the market," said Wayne Purboo, CEO and co-founder of Quickplay. "Quickplay is reaching a scale that makes our platform the natural choice for multichannel video programming distributors (MVPDs) and content providers to connect."
With its recent investments, Quickplay will focus its long term strategy on reducing industry inefficiencies in content delivery, and the monetisation of premium live and on-demand video.
"The OTT market is poised for explosive growth, with global OTT video revenue predicted to reach $55.4 billion by year-end 2019, driven by rising consumer demand for TV everywhere," said David Mercer, VP and principal analyst at Strategy Analytics. "As OTT services become an integral part of the consumer's entertainment space, the disruptive trends we are experiencing have demanded a fresh approach, with the widespread deployment of technologies such as LTE Broadcast holding strategic significance for many media players."