Lumine Group (LMN.V) Tuesday said it agreed to acquire the Video Network Business from Synamedia, its 16th corporate carve-out transaction, it said in a statement.
UK-headquartered Synamedia is a provider of video software solutions to operators, broadcasters and media companies.
"The Synamedia Video Network business will be a meaningful addition to Lumine's growing media ecosystem," said Tony Garcia, Lumine's chief operating officer. "On completion, this acquisition will deepen our presence in the media supply chain domain, with particular focus on video processing, broadcast delivery and live streaming. Consistent with Lumine's decentralization strategy, the business will operate independently under its primary product name, Quortex."
The acquisition is anticipated to close in the near future, subject to customary closing conditions and completion of applicable employee consultation processes, the company said.
Shares of the company closed down $0.86 to $21.89 on the TSX Venture Exchange.