Xytech Pays $6 Million in Acquisition

Xytech Systems Corp., a software developer for the broadcast and media industries, has acquired the ScheduALL business from Swedish software company Net Insight AB.Financial terms of the deal between Xytech in Chatsworth and Net Insight in Stockholm place the value of the transaction at $6 million. The acquisition will allow Xytech to tap into ScheduALL’s experience in the transmission market, while providing ScheduALL customers with the benefits of the Valley company’s MediaPulse platform. ScheduALL’s software is similar to MediaPulse – a facilities management program that allows broadcasters, media companies and post-production houses to track their crew, schedule, billing and invoices all in one place. Richard Gallagher, chief executive of Xytech, said that by combing the two companies, it will improve scale and offer even better products to both existing and new customers. “ScheduALL is very well respected by some of the world’s leading media houses and I look forward to working with their strong team to continue to support their existing customer base,” Gallagher said in a statement. Crister Fritzson, chief executive of Net Insight, said that ScheduALL has been a valuable part of the company’s portfolio and thanked the division’s employees for their contributions over the years.“We believe Xytech is the best future owner of the business and look forward to partnering with them to continue to serve shared customers across the media industry,” Fritzson said in a statement. The transaction involves divestment of 100 percent of the shares in Net Insight’s wholly owned ScheduALL subsidiaries on a cash and debt free basis for a total value of $6 million. Of that, $3 million in cash is due at closing and the remainder as a promissory note payable over the next 12 to 18 months, according to a release from Net Insight.