Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M
December 10 2024 - 7:31AM
Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the
“Company”), a leading marketing technology company that provides
essential marketing and sales solutions, today announced that it
has signed a definitive agreement to acquire OpenReel, a leading
digital video creation platform.
OpenReel enables companies to rapidly create
high-quality, branded video content. Their solution allows
companies to direct, record, create, and collaborate on
high-definition video projects, dramatically reducing the time to
create brand-compliant video content. OpenReel’s enterprise
customer base includes global organizations, such as Bristol Myers
Squibb, Ingram Micro, DXC Technology, Insider Inc., and US
Steel.
"Video is the future of enterprise marketing,"
said Joe Davy, Founder and CEO of Banzai. "OpenReel gives their
customers a 10x advantage when creating branded video content.
Their enterprise customers are a testament to the power of their
solution."
“We’re thrilled to join the Banzai family and
take OpenReel to new heights,” said Lee Firestone, CEO and
co-founder of OpenReel. “With Banzai’s support, we’re confident in
accelerating the growth of our technology while becoming an
integral part of their robust suite of marketing tools. We believe
that OpenReel is the perfect complement to Demio, enabling seamless
cross-collaboration and enhancing the value we deliver to marketers
worldwide.”
Banzai’s vision is to build an AI-powered
marketing technology platform to help businesses of all sizes grow.
Acquiring mission-critical MarTech products like OpenReel will
allow Banzai to drive customer growth by offering new solutions to
existing customers to create long-term value for our
shareholders.
Transaction Details
Under the terms of the agreement, the aggregate
merger consideration shall be a number of shares of Banzai Class A
Common Stock, and/or Pre-Funded Warrants exercisable for shares of
Class A Common Stock in lieu thereof, equal to $19.6 million.
Additional details regarding the acquisition are included in the
Company’s Form 8-K filed with the Securities and Exchange
Commission on December 10, 2024. The transaction is expected to
close in December 2024, subject to the satisfaction of customary
closing conditions.
About OpenReel
OpenReel is a leading enterprise video creation
and management solution that empowers companies to create
high-quality content at scale and on brand. OpenReel enables
businesses of all sizes to cut down on the time-and
resource-intensive process of video creation and scale content
creation initiatives efficiently, effectively, and securely.
OpenReel is trusted by a wide range of customers from small
businesses to the Fortune 500. OpenReel is based in New York, with
its team distributed worldwide. To learn more about the company,
visit: www.openreel.com.
About Banzai
Banzai is a marketing technology company that
provides AI-enabled marketing and sales solutions for businesses of
all sizes. On a mission to help their customers grow, Banzai
enables companies of all sizes to target, engage, and measure both
new and existing customers more effectively. Banzai customers
include Cisco, New York Life, Hewlett Packard Enterprise, Thermo
Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among
thousands of others. Learn more at www.banzai.io. For investors,
please visit https://ir.banzai.io.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements often use words such
as “believe,” “may,” “will,” “estimate,” “target,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “propose,”
“plan,” “project,” “forecast,” “predict,” “potential,” “seek,”
“future,” “outlook,” and similar variations and expressions.
Forward-looking statements are those that do not relate strictly to
historical or current facts. Examples of forward-looking statements
may include, among others, statements regarding Banzai
International, Inc.’s (the “Company’s”): future financial, business
and operating performance and goals; annualized recurring revenue
and customer retention; ongoing, future or ability to maintain or
improve its financial position, cash flows, and liquidity and its
expected financial needs; potential financing and ability to obtain
financing; acquisition strategy and proposed acquisitions and, if
completed, their potential success and financial contributions;
strategy and strategic goals, including being able to capitalize on
opportunities; expectations relating to the Company’s industry,
outlook and market trends; total addressable market and serviceable
addressable market and related projections; plans, strategies and
expectations for retaining existing or acquiring new customers,
increasing revenue and executing growth initiatives; and product
areas of focus and additional products that may be sold in the
future. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Forward-looking statements are not
guarantees of future performance, and our actual results of
operations, financial condition and liquidity and development of
the industry in which the Company operates may differ materially
from those made in or suggested by the forward-looking statements.
Therefore, investors should not rely on any of these
forward-looking statements. Factors that may cause actual results
to differ materially include changes in the markets in which the
Company operates, customer demand, the financial markets, economic,
business and regulatory and other factors, such as the Company’s
ability to execute on its strategy. More detailed information about
risk factors can be found in the Company’s Annual Report on Form
10-K and the Company’s Quarterly Reports on Form 10-Q under the
heading “Risk Factors,” and in other reports filed by the Company,
including reports on Form 8-K. The Company does not undertake any
duty to update forward-looking statements after the date of this
press release.
Investor RelationsChris TysonExecutive Vice
PresidentMZ Group - MZ North America949-491-8235BNZI@mzgroup.us
www.mzgroup.us
MediaRachel MeyrowitzDirector, Demand
Generation, Banzaimedia@banzai.io
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