- The stock price of SeaChange International Inc (NASDAQ: SEAC) increased by over 30% pre-market. This is why it happened.
The stock price of SeaChange International Inc (NASDAQ: SEAC) – a leading provider of video delivery platforms – increased by over 30% pre-market. Investors appear to be responding to the company announcing its secured a multi-year and multi-million-dollar contract with one of the largest broadband service providers in the United States.
For more than 15 years, SeaChange’s technology has enabled this major broadband service provider to adapt to technological advances in the industry. And under the new contract, SeaChange will work with the customer to move its infrastructure to a virtual platform, thus reducing the operator’s hardware footprint and enabling higher availability of service.
Plus SeaChange will also facilitate greater monetization of the customer’s TV service offering by leveraging SeaChange’s technology to improve the management of its Ad Servers through remote operator system installations and hardware health management.
“Longstanding customers like this major broadband service provider continue to expand use of SeaChange’s technology and are increasingly benefitting from our ad technology that facilitates cross-platform and dynamic advertising solutions for cable and IP video delivery. This major win, which combines license and service components, marks one of the highest average annual values of any North American contract in more than two years. More broadly, the win exemplifies our refined go-to-market strategy and holistic approach to selling the full value of our software and services, and further demonstrates SeaChange’s role as a trusted partner to the world’s most prominent video providers.”
— SeaChange SVP of Global Sales and Marketing Christoph Klimmer
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.