Main menu

Pages

IMAX acquires streaming technology company SSIMWAVE Inc.

Breakthrough AI-powered software and IPs to expand IMAX image enhancement capabilities and drive new revenue across all video platforms

NEW YORK and MISSISSAUGA, ON, September 22, 2022 /PRNewswire/ — IMAX Corporation (NYSE: IMAX) today announced the acquisition of SSIMWAVE Inc., a leader in AI-powered video quality solutions for media and entertainment companies. The move marks a significant expansion of IMAX’s strategy to deliver the highest quality video images to any screen to drive new recurring revenue and expand its global leadership in entertainment technology. .

Thanks to his two-time Emmy patent(R) Award-winning technology, OntarioSSIMWAVE enables streaming and broadcast providers to deliver the best possible picture to any device for on-demand and live video. Four of the ten largest streaming media companies in the world are currently partnering with SSIMWAVE to optimize video, including Disney, Paramount Global and Warner Bros. Discovery. Its 30-person engineering team mapped the human visual system to produce one of the most accurate measures of perceptual quality, which its AI-driven software applies to enhance video streams and files in real time. The acquisition is expected to be accretive in 2023 and have minimal financial impact in 2022.

“SSIMWAVE does groundbreaking work at the intersection of human visual perception and image enhancement technology. By putting the power of our global brand behind its award-winning engineering team and product suite, IMAX makes a big step towards a new horizon in our ability to offer the best images to all creators, on all screens,” said Rich Gelfond, CEO of IMAX. “In the near term, SSIMWAVE brings new SaaS-based revenue to IMAX and a world-class customer roster that closely aligns with some of our strongest and most successful content partnerships.

With the explosion in video consumption across all platforms, the need for video optimization continues to grow as consumers demand higher resolution, including 4K, 8k and new interactive experiences in games, virtual reality, augmented reality and the metaverse. Additionally, leading filmmakers and creators are increasingly demanding solutions to ensure the fidelity and quality of their work on any screen. IMAX will work with SSIMWAVE in the near term to further develop its business and product line, including international expansion. In the longer term, the IMAX technology and post-production teams will work with the SSIMWAVE engineering team to develop new solutions to deliver IMAX-quality video experiences on all platforms, worldwide.

“Viewers and content creators expect more from video experiences. By joining IMAX, SSIMWAVE will be even better positioned to preserve creator intent and enable engaging and differentiated viewing experiences for millions of users across all platforms,” said Dr. Abdul Rehman, CEO and co-founder of SSIMWAVE. “We are excited to join IMAX and leverage its global scale and expertise as more and more streamers turn to SSIMWAVE to ensure the best viewing experiences while reducing bandwidth costs.”

Founded at from Ontario University of Waterloo, SSIMWAVE’s technology has enhanced the viewing experience of over 150 million subscribers across billions of hours of viewing to date. Its technology is protected by 50 patents and patents pending worldwide. SSIMWAVE won a Technology & Engineering Emmy® Award (2020) and a Primetime Emmy® Award for Outstanding Achievement in Engineering (2015). SSIMWAVE was also honored as the Best New Streaming Technology winner at the NAB Show Product of the Year Awards in 2022 and 2021.

“SSIMWAVE has a brilliant team of engineers, technologists and academics obsessed with image quality and at the forefront of from Ontario thriving tech community; the similarities between this company and IMAX when we acquired it nearly 30 years ago are uncanny,” Gelfond continued. “We look forward to evolving SSIMWAVE’s business and taking it in directions never before imagined across the world, just as we did with the IMAX game. -change of projection technology.”

Acquisition builds on IMAX’s cross-platform expansion with IMAX Enhanced, which brings the IMAX experience(R) to streaming entertainment with IMAX exclusive extended aspect ratio, digitally remastered content and signature sound. More than 200 IMAX Enhanced titles are available on streaming platforms around the world, including Disney+, and more than 10 million IMAX Enhanced-certified devices are currently on the market.

Under the terms of the agreement, IMAX acquired SSIMWAVE for $18.5 million in cash and $2.5 million in stock with supplement of $4 millionsubject to the achievement of certain operational and financial performance objectives.

For more information, please visit IMAX’s Investor Relations website.

About SSIMWAVE

SSIMWAVE’s Video Experience Automation Platform brings the power of the human eye to entire video delivery chains to help streaming services assess video quality at scale, minimize dropouts quality and reduce distribution expenses and video insurance costs. Its SSIMPLUS® suite of products – Live Monitor, VOD Monitor and Video Quality (VQ) Dial – has also helped the streaming industry solve hard-to-solve problems such as banding, A/V synchronization issues, distribution HDR content and low quality sources. SSIMWAVE technology has won multiple Emmy® Awards as well as a NAB Product of the Year Award.

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines exclusive software, architecture and equipment to create experiences that take you beyond the edge of your seat into a world you never imagined. Top filmmakers and studios use IMAX theaters to connect with audiences in extraordinary ways, and as such, the IMAX network is one of the largest and most successful theatrical distribution platforms for big films of events around the world.

IMAX is headquartered in New York, Torontoand Los Angeleswith additional offices London, Dublin, Tokyoand Shanghai. From June 30, 2022, there were 1,694 IMAX theater systems (1,610 commercial multiplexes, 12 commercial destinations, 72 institutional) operating in 87 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code “1970”.

IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It in IMAX®, The IMAX® Experience, An IMAX® Experience, An IMAX 3D® Experience, IMAX DMR®, DMR®, Filmed for IMAX ™, IMAX LIVE™, IMAX Enhanced™, IMAX nXos® and Films to the Fullest® are trademarks and trade names of the Company or its subsidiaries which are registered or otherwise protected under the laws of various jurisdictions. For more information about the company, visit www.imax.com. You can also connect with IMAX on Instagram (https://www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

Forward-looking statements

This press release contains forward-looking statements based on IMAX management’s assumptions and existing information and involves certain risks and uncertainties that could cause actual results to differ materially from any future results expressed or implied by such statements. forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the benefits of the acquisition, the expected revenues of the combined company, business and technology strategies and steps to implement strategies, competitive strengths, objectives, business expansion and growth, operations and technology, industry outlook and consumer behavior, plans and references to the future success of IMAX Corporation with its consolidated subsidiaries (the “Company”) ) and expectations regarding the Company’s future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyzes made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors which it deems appropriate in the circumstances. However, whether actual results and developments will be consistent with the Company’s expectations and projections is subject to a number of risks and uncertainties, including, but not limited to, the risks that the the acquisition disrupts the Company’s or SSIMWAVE’s current plans and operations and the potential risks employee retention difficulties as a result of the acquisition; the risks of diverting management’s attention from ongoing business operations; failure to successfully integrate SSIMWAVE’s operations, products and technology; failure to implement plans, forecasts and other expectations regarding SSIMWAVE’s business after the acquisition and to realize additional opportunities for growth and innovation; other factors and risks described in our periodic filings with the United States Securities and Exchange Commission or in Canada, SEDAR; and other factors, many of which are beyond the Company’s control. Accordingly, all forward-looking statements made in this press release are qualified by these cautionary statements, and the actual results or developments anticipated by the Company may not be achieved, and even if substantially achieved, may not have the expected consequences on, or effects on the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please contact:

Investors:
Jennifer Horley
[email protected]
212.821.0154

Media:
Marc Jafar
[email protected]
212.821.0102

SOURCE IMAX Corporation

Comments