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Vitec Group acquires Lightstream and Quasar for a combined $42m
StockMarketWire.com
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Broadcast market equipment supplier The Vitec Group said it had acquired two separate companies, Lightstream and Quasar, for up to $42 million (£30.4 million).
Lightstream, which develops cloud-based live production software to enable content creators, particularly gamers, to enrich live video streams, was acquired for $35.9 million (£26.0 million) in cash and shares.
Quasar, which designs and develops a range of linear LED lighting solutions for cine-style applications, was acquired for up to $6.1 million (£4.4 million) in cash.
In a trading update, The Vitec Group said its 2021 first-quarter order intake and revenue were broadly in line year-on-year.
'We continue to achieve high cash conversion and, while there will be some inventory build in the first half, we remain confident about delivering a strong cash performance for the year,' it said.
'Although there remains some uncertainty about when our markets will fully reopen, particularly production sets in the US, and we are mindful of foreign exchange fluctuations and the shortages in electronic components, we are increasingly confident about delivering a strong recovery in 2021.'
Story provided by StockMarketWire.com
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