MINNEAPOLIS, MN – November 26, 2019 – iMedia Brands, Inc. (NASDAQ: IMBI) is announcing the acquisition of Float Left Interactive, which closed on November 26, 2019 and is immediately accretive.
Float Left Interactive, founded in 2009, is a leading technology provider delivering OTT and TV-Everywhere solutions to media companies seeking to reach audiences through Roku, Apple TV, Amazon Fire, mobile, and Smart TVs. Launching hundreds of OTT apps to date, Float Left has become the industry leader in direct-to-consumer app services for broadcasters and video publishers. Its portfolio of clients includes NBC, Sesame Street, Sony Crackle, Viacom Media Networks, Chicken Soup for the Soul, AMC, Fox and CBS Sports.
iMedia plans to utilize Float Left’s talented team and proprietary technology platform to grow its own content delivery on the wide variety of streaming platforms that have emerged, as well as to develop new revenue streams for Float Left’s current customers. Since developing new apps for iMedia’s brands is the foundation of the company’s plans to engage millennials – the first generation that grew up watching other mediums of entertainment besides 24/7 linear television – the acquisition of Float Left is a perfect fit.
Tim Peterman, iMedia CEO said: “Float Left represents a global interactive media opportunity that accelerates our timeline and probability of scalable, profitable success in our new iMedia Web Services segment. We are adding a highly-talented and passionate team of employees that are energized by the opportunities to build great OTT technology solutions for our growing list of brands.”
iMedia recently expanded the capabilities of its third-party logistics service offering through the introduction of its iMedia Web Services segment. The company intends to provide brands a one-stop commerce service leveraging its current assets and logistics expertise combined with offering new creative and interactive solutions, like Float Left.
“Joining forces with iMedia will accelerate our growth and allow us to continue developing and deploying better OTT products and services in the years to come,” said Tom Schaeffer, Float Left CEO. “In addition, our technology and product roadmap is a perfect match with iMedia’s long-term vision around TV distribution. iMedia and Float Left both recognize that technological innovation, coupled with an entrepreneurial spirit, is a must for future growth in the digital world making our culture and vision perfectly aligned.”
About Float Left:
Float Left delivers OTT and TV-Everywhere solutions that connect media companies and broadcasters to their audience through cutting-edge and innovative OTT apps and video experiences. Launching hundreds of applications to date, Float Left has become the industry leader in direct-to-consumer app services for broadcasters and video publishers. Portfolio of clients includes Crackle, NBC Sports, Ovation TV and the Viacom Media Networks. For more information, visit www.floatleft.tv.
About iMedia Brands, Inc.
iMedia Brands, Inc. (NASDAQ: IMBI) is a global interactive media company that manages a growing portfolio of niche, lifestyle television networks and web service businesses, primarily in North America, for both English speaking and, soon, Spanish speaking audiences and customers. Its brand portfolio spans multiple business models and product categories and includes ShopHQ, iMedia Web Services and soon-to-be-launched Bulldog Shopping Network and LaVenta Shopping Network. Please visit www.imediabrands.com for more investor information.