Mumbai: KKR’s pan-Asian media investment platform Emerald Media and Mayfield India on Saturday announced they have sold their stake in Amagi, a global leader in cloud-based SaaS technology for broadcast and connected TV.
Accel, Avataar, Norwest Venture Partners, along with existing Amagi investor Premji Invest have collectively invested well over $100 million to pick up the stake held by Emerald Media and Mayfield India, said the statement.
“Emerald Media and Mayfield India were early investors in Amagi. They invested at a time when cloud technology in broadcast media was in its infancy,” commented Amagi co-founder and CEO Baskar Subramanian.
Amagi is one of the largest cloud deployments in the world with distribution in 40 countries across cable, connected TV and OTT. The company supports over 800 channels on its platform including playout and redundancies. It has developed deep technical integration with ad-supported platforms such as The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, Stirr, Vizio, Xumo and other top 30 OTT platforms, providing one of the most comprehensive distribution coverage for content owners to reach their audiences in the US, LatAm, Europe, and Asia.
“Our journey of partnering with Baskar, Srividhya and Srinivasan in bringing alive their vision of becoming one of the fastest-growing media SaaS companies in the world has been an enriching one," said Emerald Media managing director Rajesh Kamat. "Amagi has today catapulted to international success with a global footprint and a robust growth trajectory on the back of its bold and pioneering technology innovation along with their ability to foresee the needs of the industry."
“Mayfield being the first institutional investor in Amagi in 2013, we have observed this company grow from an India-focused technology and services player to a truly global and dominant SaaS enterprise on the back of their unique and homegrown IP stack. We wish all three founders and the incoming investors all the best in the years to come," said Mayfield India managing partner Vikram Godse.
Amagi has a state-of-the-art cloud broadcast operations center that can support 1000+ live linear channels. The company clients include A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, NBCUniversal, Tastemade, Tegna, Vice Media, and Warner Media among others.
