The Hackensack-based broadcasting and streaming company LiveU will be bought out by investment giant Carlyle, according to a July 20 press statement and a report by the news outlet TechCrunch.
Details were not disclosed in the joint press release between Carlyle, LiveU and Francisco Partners, the global investment firm selling LiveU. Representatives from Carlyle would not confirm the TechCrunch report, while officials from the other two companies were not immediately available for comment.
The acquisition is still pending regulatory approval. LiveU was advised by GCA Altium for the transaction.
“We’re excited to partner with Carlyle as we look to expand LiveU’s global footprint and service offering,” reads a statement from Samuel Wasserman, the co-founder and chief executive officer for LiveU.
LiveU boasts over 3,000 customers in more than 130 counties, the statement says, and Carlyle’s experience in the media tech sector is expected to help boost LiveU’s footprint.
Carlyle says the acquisition is part of an effort to capitalize “on the rapidly growing demand for high-quality live video transmission.”
“This trend is expected to accelerate with the rollout of 5G, and as media production in the cloud progresses, increasing the requirements for flexible and remote operations,” the statement reads.