MINNEAPOLIS, Nov. 26, 2019 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (NASDAQ: IMBI) today announced two important accretive acquisitions, Float Left Interactive and J.W. Hulme. Both accelerate the company’s interactive media growth strategy and position it for growth in 2020.
Float Left Interactive is a leading technology provider delivering OTT and TV-Everywhere solutions to media companies seeking to reach audiences through Roku, Apple TV, Amazon Fire, mobile devices and smart TVs. Founded in 2009 and launching hundreds of OTT apps to date, Float Left has become the industry leader, serving a portfolio of clients including NBC, Comcast, CBS and Fox.
iMedia plans to utilize Float Left’s talented team and proprietary technology platform to further grow its content delivery capabilities in OTT platforms while providing new revenue opportunities for Float Left’s SaaS customers. This acquisition is important to iMedia’s strategy to engage today’s millennial, “cord-cutting” viewers within their own preferred interactive video platforms.
Tim Peterman, iMedia CEO said: “Live streaming and OTT marketplaces are global interactive media opportunities and I can’t think of anyone more qualified to lead our effort than Float Left’s President Tom Schaeffer.”
Schaeffer commented: “Joining forces with the right partner is critical in today’s interconnected, interactive media landscape. iMedia is that perfect partner for us. Our entrepreneurial cultures and visions for live streaming are perfectly aligned.”
J.W. Hulme is an iconic, 114-year-old American e-commerce brand offering artisan-crafted accessories and apparel for both women and men. The brand began making durable tents for the U.S. army in World War I, and today offers a wide range of handbags, accessories and apparel through e-commerce, catalogs and its flagship retail store in St. Paul, Minnesota.
iMedia’s investment thesis centers on accelerating Hulme’s revenue growth by creating its own programming on ShopHQ, iMedia’s national television platform. In addition, Hulme’s talented team will drive iMedia’s revenue growth by crafting private-label accessories for ShopHQ’s existing owned and operated fashion brands.
“The J.W. Hulme team have done an amazing job developing this brand to where it is today,” continued Peterman. “We at iMedia take our role as brand stewards for their next level of growth seriously, and we look forward to working with their team to harness our unique collection of assets.”
Dean Vanech, Olympus Capital Investments CEO and owner of J.W. Hulme said: “We are pleased that iMedia has purchased this iconic American company. Hulme’s amazing leather and canvas products and iMedia’s exceptional marketing skills make the transaction a natural fit. And having iMedia based in Minnesota is a bonus. We believe with iMedia as our partner, this brand will grow for at least another 100 years.”
Both acquisitions were largely financed in iMedia stock. More information on the transactions can be found in an 8-K that will be filed with the Securities and Exchange Commission.
About iMedia Brands, Inc.
iMedia Brands, Inc. (NASDAQ: IMBI) is a global interactive media company that manages a growing portfolio of niche, lifestyle television networks and web service businesses, primarily in North America, for both English speaking and, soon, Spanish speaking audiences and customers. Its brand portfolio spans multiple business models and product categories and includes ShopHQ, Bulldog Shopping Network, iMedia Web Services and soon-to-be-launched LaVenta Shopping Network. Please visit www.imediabrands.com for more investor information.
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