OmniBus sold to Canadian company
OmniBus Systems, the Loughborough-based software solutions provider, has been sold to Miranda Technologies, a Toronto Stock Exchange listed company for an all-cash consideration of €36.4m (£30m). The company was sold by mid-market private equity firm Palamon Capital Partners.
OmniBus is a developer of software systems for television broadcasters and video content distributors over mobile and internet platforms. The company has a blue chip customer base, including television broadcasters and networks across the globe.
Palamon acquired OmniBus from the administrators of its former German parent company and transformed its business model. The firm moved OmniBus from a bespoke software and hardware business with low margins, to a highly scalable software business with significantly higher margins and reduced installation and maintenance complexity.
OmniBus has reported continued strong growth in profitability throughout the last three years, which made it a “compelling acquisition”. Palamon concluded the sale to Miranda, a global manufacturer of high-performance hardware and software for the television broadcast industry.
Daan Knottenbelt, partner at Palamon Capital Partners, said: “We are delighted with the sale of OmniBus to Miranda, which has enabled us to harvest a profit on this investment for our investors at a time when the broadcast sector is coming out of a downturn caused by the recent global recession.
"This was achieved by Palamon driving a strategic change in Omnibus’ economic model towards a highly scalable and profitable software business, a strategy that was superbly executed by chief executive Mike Oldham and his team.”
Mike Oldham, chief executive of OmniBus, said: “It has been a pleasure working with Palamon over the years. Their support and strategic input as growth investors has been a pivotal factor in our company’s success. Together we have created an exciting and successful business.”
