The company has entered into a definitive agreement to merge with SeaChange International, a Nasdaq-listed company focused on advanced digital advertising.
According to a media statement, the proposed business combination is expected to result in a value of the combined company at approximately $5 billion.
SeaChange will change its name to TrillerVerz Corp. and its ticker symbol is expected to change from SEAC to the new ticker symbol ILLR.
Upon closing, the combined company will be led by TrillerVerz’s CEO, Mahi de Silva, who will also become Chairman of the Board.
Peter Aquino, President and CEO of SeaChange will join the TrillerVerz team.
The merger is expected to close in Q1 2022.
Triller says that its proprietary AI-based platform “enables content and experiences that unlock the vast relationships between creators, tastemakers, and influencers in the globe’s most coveted demographic, the 18- to the 34-year-old marketplace”.
It also says that it has a “proven track record of producing world-class content around the Triller Fight Club and Verzuz brands”.
Triller acquired Verzuz, the song battle brand launched by Timbaland and Swizz Beats, in March last year.
In April 2021, Triller’s parent, TrillerNet also acquired AI-Powered ‘customer engagement platform’ Amplify.ai, and event streaming platform FITE.
Triller says that its platform drives more than 750 million user interactions per month, reflecting what it says is “2x year-over-year growth in user engagement and 5.3x year-over-year growth in the number of paying users”.
According to Triller, this growth “places it in the upper echelon of social media platforms globally”.
“In our short history, we have evolved from a disruptive social media platform and creator of content to one of the world’s most successful platforms where creators, commerce, and culture meet.”
Mahi de Silva, TrillerVerz
Mahi de Silva, Chief Executive Officer of TrillerVerz, said: “We are thrilled to announce this important milestone of TrillerVerz’s plans to enter the public market.
“In our short history, we have evolved from a disruptive social media platform and creator of content to one of the world’s most successful platforms where creators, commerce, and culture meet.”
Added de Silva: “Today, TrillerVerz’s combined ecosystem of creators are the younger generations’ most recognized and followed brands globally. We believe TrillerVerz is becoming the voice of youth culture, a brand that sits at the nexus of content, creator, commerce, and culture in the digital world.
“Our strategy is to continue to build the world’s largest stage for creators to distribute and monetize viral and engaging content with experiences that elevate culture. We believe that combining with SeaChange accelerates our advertising and marketing capabilities by extending our reach to cable, satellite, and OTT media.
He continued: “We believe the proposed Business Combination will enable investors to participate in the expected growth of TrillerVerz and enable TrillerVerz access to the capital markets, which we believe will help accelerate growth. We are so grateful to the millions of loyal fans who have helped us take TrillerVerz to the next level, without whom this would not have been possible.”
“We believe that the TrillerVerz product line sets a foundation and future unlike any other company we were in discussions with, comparable to Facebook and Google.”
Peter Aquino, SeaChange
Peter Aquino, President and CEO of SeaChange, said: “The business combination with TrillerVerz represents a tremendous opportunity to invest in the future of creativity. We believe that TrillerVerz’s unmatched social media reach, Gen Z engagement, and the opportunity to meaningfully expand its global multi-platform presence across content, commerce, creators, and being at the forefront of e-commerce, adtech, and NFTs, including the metaverse, is a compelling investment with the potential to create significant value.”
Added Aquino: “Having been at the center of adtech and martech for over a decade, SeaChange’s management and directors are in a unique position to understand the TrillerVerz business and are proud to be involved in shepherding Web3.0 to the world with TrillerVerz. With its AI content and commerce engine, TrillerVerz is poised to be a leader in social adtech and martech and has redefined how a customer is engaged and transacted.
“We believe that the TrillerVerz product line sets a foundation and future unlike any other company we were in discussions with, comparable to Facebook and Google.”
A spokesperson issued a statement in response to the news, which claimed: “Triller does not need a deal with UMG to continue operating as it has been since the relevant artists are already shareholders or partners on Triller, and thus can authorize their usage directly. Triller has no use for a licensing deal with UMG.”
In May, Triller and UMG jointly announced that they had extended their worldwide licensing agreements spanning both recorded music and publishing.Music Business Worldwide
