/ -- Altia Systems, based in Cupertino, California (USA), is a leading innovative developer of premium video communications solutions utilizing digital multi-camera array technology. This market is expected to grow significantly from a currently low penetration rate fuelled by easy-to-use (plug and play), integrated audio and video Unified Communications solutions. The products from Altia Systems are currently marketed under the brand PanaCast.
"Altia Systems was one of the first investments we had in our first fund," said Dayakar Puskoor, Managing Partner at Naya Ventures. "It has been a great pleasure to work closely with the team and help add value to the company, from initial product growth and strategy, to this acquisition. We are extremely proud of Aurangzeb and team, and look forward to seeing continued success from our portfolio companies."
"Dayakar and the Naya Ventures team have been a steady and strong partner with us in developing Altia Systems and helping propagate our industry-leading technology," said Aurangzeb Khan, President and CEO of Altia Systems.
The Naya Ventures portfolio company has a total purchase consideration of USD $125 million on a debt and cash free basis. As part hereof around USD $12 million is linked to retention agreements to be expensed by GN Audio during 2019-2021.
The acquisition of Altia Systems allows GN Audio to expand into integrated audio and video communications solutions, supporting companies' collaboration and meeting efficiency. GN Audio already commands a strong position in the Unified Communications market with the Jabra Evolve line of headphones and leadership in speakerphones for small meeting rooms and personal use with the successful Jabra Speak line of products. Adding video capability to these leading positions gives GN Audio immediate access to the highly attractive market of integrated audio and video solutions for small collaboration rooms - so-called huddle rooms.
About Naya Ventures
Founded in 2011, Naya Ventures invests in early stage AI and cloud-based companies where its emerging market channel relationships and go-to-market strategies can efficiently increase enterprise value. Lead by serial entrepreneurs in the mobile and cloud industry, Naya Ventures' principals work alongside a global network of C-level executives and general partners at influential US technology companies and venture funds. Naya's strong mobile and cloud industry reputation, its relationships with leading technology companies and its global network of technology and market development resources help accelerate value creation. Its relationships also provide Naya with an extensive deal sourcing and follow on funding capability.
About Altia Systems
Altia Systems is a venture-backed company based in Cupertino, CA., and is the creator of the PanaCast systems and Intelligent Vision software products. Funded by Intel Capital and other leading investors, Altia Systems' PanaCast solutions deliver real-time 180 Panoramic-4K, Panoramic-5K and 4K 3D video streams from integrated, synchronized and optimized multi-camera arrays. PanaCast systems and Intelligent Vision (artificial intelligence) software products are used by more than 1,600 companies worldwide, including 200+ universities, for video collaboration, education, AR/VR, live broadcasting and machine learning for autonomous systems. PanaCast system devices are designed and assembled in the U.S. and have received prestigious awards such as CES Innovation Awards Honoree, Frost & Sullivan New Product Innovation, GOOD DESIGN award, Gartner Cool Vendor in Unified Communications, and more.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)