NAB: LG Sells Stake in Triveni DigitalGroup of employees acquire a majority ownership position 4/05/2013 11:55:52 AM Eastern
Triveni Digital will go into the 2013 NAB Convention as an
independent company after a group of employees bought LG Electronics' stock in
the company, establishing a majority ownership position.
The transaction closed in late February but was only
announced on April 5.
Since it was founded by LG in 1997, Triveni Digital has been
a major provider of metadata management, advanced content distribution and
video quality assurance systems for the broadcast, cable, telco and IPTV
"While our current business is healthy, we see an
exceptional opportunity for growth over the next several years," said Mark
Simpson, president and CEO of Triveni Digital, and managing member of the new
employee holding company in a statement. "Triveni Digital has a long track
record of digital TV technology innovation, and we are well positioned to
extend our current product lines to address our customers' evolving needs. A
key area of focus that we'll address at next week's 2013 NAB Show is how
Triveni Digital plans to help local broadcasters further exploit their
infrastructure assets to earn new revenues from their news and other local
Simpson also stressed that Triveni Digital will continue to
develop technologies for LG Electronics' hospitality TV business.
"We've always had a strong relationship
with LG Electronics, and I expect that relationship to continue to grow,"
said Simpson. "While we look forward to working with LG in the future, our
independence will enable Triveni Digital to pursue new funding sources and
partnership initiatives in order to implement our new business strategy. We
expect to take a leadership role in helping local media providers generate new
forms of revenue and enhance their service offerings, while partnering with
many others in the industry on these initiatives."