Avail-TVN, a Reston, VA-based global provider of advanced digital video services, has received a $100m funding.
The round, which was led by The Carlyle Group (NASDAQ: CG), will enable Avail-TVN to acquire UK-based On Demand Group, a provider of video on demand services to some of the biggest television brands outside of the United States, from SeaChange International (NASDAQ: SEAC). The acquisition will help the company expand its reach to more than 25 countries, serving more than 70 million households globally. Major markets include North America, the Caribbean, Latin America, Europe, Middle East and Asia. Tony Kelly, CEO at On Demand Group, will now report to Avail-TVN CEO, Ramu Potarazu, and serve as a member of the executive management team. The company also intends to use the investment to expand abroad and develop new products and services.
Equity for the investment comes from two Carlyle funds: Carlyle U.S. Growth Fund III and Carlyle Europe Technology Partners II. The firm joins existing investors including Columbia Capital, Valhalla Partners, Novak Biddle and Pioneer Ventures.
Debt funding is provided by Silicon Valley Bank, RBS Citizens, N.A. and Bank of America, N.A.
Led by Potarazu and chairman Phil Herget, Avail-TVN is a global provider of digital video services that works with both service providers and content owners.