Change of ownership at Masstech
WORLD: Media asset management solutions provider, Masstech, has undergone an 'ownership restructuring' with Canadian venture capital firm, Covington Fund II Inc. now Masstech's controlling shareholder. The ownership change brings Masstech's business under the newly formed corporate entity Masstech Innovations Inc.
'We remain impressed with Masstech's vision, insight, ground-breaking technologies and deep understanding of its target markets,' said Phil Reddon, managing partner at Covington. 'We are extremely excited to take majority control of the company, particularly at a time when it is poised to break through to the next level of growth.'
'We have invested significantly in R&D over the past three years for our next generation of solutions, from our pending new MAM software releases to laying the groundwork for future game-changing innovations on our roadmap. Meanwhile, our award-winning newsroom solution is now benefiting nearly 100 stations, and we are poised to double that footprint less than three years after its introduction,' said Joe French, president and CEO of Masstech Innovations. 'The ownership change positions us to accelerate our growth as we build on this enviable foundation, and we're thrilled to be working with the Covington team to take Masstech to new heights.
'For our customers, beyond the new formal corporate name, the ownership change should be completely transparent,' Mr French continued. 'We are executing on our same strategy, continuing our rich history of innovation with the same unwavering focus on broadcasters and the media and entertainment industry.'