Waterloo tech company acquired by IMAX
Posted Sep 23, 2022 12:39:00 PM.
IMAX has purchased Waterloo-based SSIMWAVE Inc. for $18.5 million, plus $2.5 million in stock. An additional earnout consideration of $4 million is also included, but subject to certain objectives being met.
The announcement was made on Thursday.
SSIMWAVE, founded out of the University of Waterloo, is described as an AI-driven video quality solutions for media and entertainment companies.
“The move marks a significant expansion of IMAX’s strategy to deliver the highest quality video images on any screen — to drive new, recurring revenue and grow its global leadership in entertainment technology.” IMAX said in a news release.
The CEO of IMAX added SSIMWAVE is doing revolutionary work in terms of human visual perception and image enhancement technology.
“By putting the power of our global brand behind their award-winning engineering team and product suite, IMAX takes a big step toward a new horizon in our ability to deliver the best images for any creator, across every screen,” Rich Gelfond said.
IMAX has close to 1,700 theatre systems across the world. The company has headquarters in Toronto, New York, and Los Angeles.
