Amagi purchases back shares from founders and employees

Cloud-based media Saas technology platform Amagi has bought back shares worth $12 million from its founding team and employees. Amagi board has approved the buyback of 76,533 equity shares at Rs 11,998.63 per share amounting to Rs 91.8 Cr or $12 million. Out of this buyback, only two of the company’s co-founders Baskar Subramanian and Srividhya Srinivasan have offloaded shares worth $8 million or Rs 61.2 crore. The rest of the shares will be tendered by existing shareholders on a proportionate basis. So far, the company has raised over $245 million and is currently valued at over $1 billion.

Amagi provides a complete suite of solutions for content creation, distribution, and monetization. Amagi clients include ABS-CBN, A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks and Fox Networks among others.

Amagi claims to support over 650 content brands, more than 800 playout chains and over 2,000 channel deliveries on its platform in over 40 countries including several countries including, the US, Canada, the UK and Singapore.

As per the company’s annual financial report in FY21, India remains one of the smallest geographical markets in terms of revenue, accounting for only 3.6% of Amagi’s annual turnover. Revenue wise, the United States is the largest market for the company followed by the United Kingdom.