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Citizens Advises EcoDigital on its Sale to Telestream
October 20, 2020
Source: Citizens Bank
Citizens M&A Advisory served as the exclusive financial advisor to EcoDigital (formerly known as Front Porch Digital) in its sale to Telestream, combining two software businesses in the digital media industry.
EcoDigital is a leading content storage management solution provider, empowering some of the largest media production companies in the world with the ability to optimize the storage and management of their digital media assets. The company’s DIVA software solutions drive efficient life cycle media asset workflows, simplify discovery and monetization of assets and enable seamless collaboration across teams and systems. EcoDigital was acquired from Oracle in 2019 by a family office.
Telestream is a vertical software business focused on the digital media space and a global leader in media workflow orchestration, streaming and delivery technologies. Telestream is a portfolio company of Genstar Capital. EcoDigital is Telestream’s eighth acquisition.
Justin Ririe, CEO at EcoDigital, said: “The team at Citizens provided the best tactical execution of an M&A deal I have ever experienced having been involved with approximately 50 deals in my career. They provided outstanding guidance to us at every decision point throughout the process. Their collaborative approach, strong work ethic and tenacity were instrumental in completing this transaction in an uncertain economic environment.”
Scott Rhodes, managing director at Citizens, added: “This transaction is especially meaningful since the business was acquired from Oracle only 15 months earlier, and we launched the process in the middle of a global pandemic. The management team, led by Justin, performed above and beyond, balancing running the business and supporting a competitive M&A process. The strategic fit with Telestream is ideal given the customer overlap between the two businesses.”
Citizens has acted as a financial advisor on seven M&A transactions in the software sector in 2020.
Citizens M&A Advisory specializes in middle-market mergers and acquisitions as well as later-stage financing transactions. Citizens combines sector intelligence with a client-focused approach to realize our clients’ true value. The Citizens team has closed more than 140 transactions in the last five years and has more than 80 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $179.2 billion in assets as of September 30, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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