Cloud-based media Saas technology platform Amagi, which recently turned unicorn following a $95 million round led by Accel, 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, the company’s regulatory filings show. 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.
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.
So far, it has raised over $245 million and is currently valued at over $1 billion.
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.
India remains one of the smallest geographical markets in terms of revenue, accounting for only 3.6% of Amagi’s annual turnover, as per the company’s annual financial report in FY21. Revenue wise, the United States is the largest market for the company followed by the United Kingdom.
During the pandemic hit fiscal year (FY21), the company saw its revenue from operations grow around 2.3X to Rs 219.3 crore from Rs 96.1 crore in FY20. For the period ending Mrach 2021, it posted a net profit of Rs 20.7 crore as compared to the loss of Rs 18.7 crore in the preceding fiscal.
Amagi has become the fourth growth stage company to conduct a share buyback program this month. On Monday, Entrackr had reported that merchant commerce platform Pine Labs bought back shares worth $6 million from its top level executives including the company’s CEO.
Earlier this month, Livspace and Upstox had also executed a similar share buyback plan. Entrackr had exclusively reported these developments.
