iMedia Brands Accelerates Growth Strategy with Two Interactive Acquisitions
November 26 2019 - 7:30AM
iMedia Brands, Inc. (NASDAQ: IMBI) today announced two important
accretive acquisitions, Float Left Interactive and J.W. Hulme. Both
accelerate the company’s interactive media growth strategy and
position it for growth in 2020.
Float Left Interactive 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 devices and smart TVs. Founded in 2009 and launching
hundreds of OTT apps to date, Float Left has become the industry
leader, serving a portfolio of clients including NBC, Comcast, CBS
and Fox.
iMedia plans to utilize Float Left’s talented
team and proprietary technology platform to further grow its
content delivery capabilities in OTT platforms while providing new
revenue opportunities for Float Left’s SaaS customers. This
acquisition is important to iMedia’s strategy to engage today’s
millennial, “cord-cutting” viewers within their own preferred
interactive video platforms.
Tim Peterman, iMedia CEO said: “Live streaming
and OTT marketplaces are global interactive media opportunities and
I can’t think of anyone more qualified to lead our effort than
Float Left’s President Tom Schaeffer.”
Schaeffer commented: “Joining forces with the
right partner is critical in today’s interconnected, interactive
media landscape. iMedia is that perfect partner for us. Our
entrepreneurial cultures and visions for live streaming are
perfectly aligned.”
J.W. Hulme is an iconic, 114-year-old American
e-commerce brand offering artisan-crafted accessories and apparel
for both women and men. The brand began making durable tents for
the U.S. army in World War I, and today offers a wide range of
handbags, accessories and apparel through e-commerce, catalogs and
its flagship retail store in St. Paul, Minnesota.
iMedia’s investment thesis centers on
accelerating Hulme’s revenue growth by creating its own programming
on ShopHQ, iMedia’s national television platform. In addition,
Hulme’s talented team will drive iMedia’s revenue growth by
crafting private-label accessories for ShopHQ’s existing owned and
operated fashion brands.
“The J.W. Hulme team have done an amazing job
developing this brand to where it is today,” continued Peterman.
“We at iMedia take our role as brand stewards for their next level
of growth seriously, and we look forward to working with their team
to harness our unique collection of assets.”
Dean Vanech, Olympus Capital Investments CEO and
owner of J.W. Hulme said: “We are pleased that iMedia has purchased
this iconic American company. Hulme’s amazing leather and canvas
products and iMedia’s exceptional marketing skills make the
transaction a natural fit. And having iMedia based in Minnesota is
a bonus. We believe with iMedia as our partner, this brand will
grow for at least another 100 years.”
Both acquisitions were largely financed in
iMedia stock. More information on the transactions can be found in
an 8-K that will be filed with the Securities and Exchange
Commission.
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, Bulldog Shopping Network, iMedia Web Services and
soon-to-be-launched LaVenta Shopping Network. Please visit
www.imediabrands.com for more investor information.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995This release
contains statements, estimates, projections, guidance or outlooks
that constitute “forward-looking” statements as defined under U.S.
federal securities laws. Generally, the words “believe,” “expect,”
“intend,” “estimate,” “anticipate,” “plan,” “project,” “should” and
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outcome of certain factors.
Contacts:
Investors:Gateway Investor RelationsCody
SlachIMBI@gatewayir.com(949) 574-3860
Media:press@imediabrands.com(800) 938-9707
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