Global law firm Norton Rose Fulbright has advised Access Innovation Holdings Limited (Ai-Media), a global provider of technology-driven live and recorded captioning, transcription and translation services, on the acquisition of EEG Enterprises, Inc (EEG), a US-based video and captioning technology company, for up to US$34.0 million in cash, Ai-Media shares and potential earn-out.
EEG is a market-leading US-based video technology company with a focus on cloud-based workflow products for closed captioning, accessibility and data processing applications. The acquisition of EEG will establish Ai-Media as a vertically integrated provider of captioning technology, with a full suite of products to accommodate customer requirements.
The acquisition of EEG is the fifth transaction on which Norton Rose Fulbright has supported Ai-Media recently, across capital raisings and acquisitions in Australia and the United States. This deal continues Ai-Media’s strong growth trajectory in the caption technology space following their 2020 listing on the Australian Securities Exchange, particularly in the North American market and demonstrates Norton Rose Fulbright’s long-term support and partnering.
Founded in Australia in 2003, Ai-Media has become a global leader in the provision of high-quality live and recorded captioning, transcription and translation services. Its technology platform combines artificial intelligence and human expertise to deliver speech-to-text accuracy. The company is the biggest captioning provider in the Australian market, with clients including major free-to-air and pay television networks, and has a growing international footprint, with offices in Australia, the US, UK and Canada. Globally, it provides captioning for around 1 million minutes of live and recorded media content, online events and web streams, every month.
The Norton Rose Fulbright team advised on all aspects of the transaction across Australia and the United States, including negotiation, drafting and review of transaction documents from the letter of intent stage through to signing and closing.
The team was led by corporate M&A partner Ben Smits and supported by his local Australian team comprising partner Jeremy Wickens, special counsel Peter Moh, senior associate Adam Hunter, associates Joyce Shi and Henry Yuan and with assistance from the firm’s New York team including partner Michael Flamenbaum and senior associate Ryan Waggoner.
Tony Abrahams, Ai-Media co-founder and chief executive officer commented:
“The extraordinary team at Norton Rose Fulbright worked with Ai-Media around the clock to close this transformational transaction in record time. Key to this success was the collaborative and constructive problem solving in finalizing deal terms, and clear communication on the impact of items being negotiated. Importantly, the NRF team share our passion for making the world a fairer and more equitable place – as we continue our journey to make the world’s content accessible for everyone.”
Norton Rose Fulbright partner, Ben Smits commented:
“We are delighted to support Ai-Media on its ongoing series of strategic acquisitions in the North American market, the latest with EEG being one of the most substantial undertaken to date. Ai-Media’s products and services create access to world class content for those who speak other languages, and those with disabilities and additional needs. We are delighted to be part of that journey with Ai-Media to combine astute commerce and deal-making with responsibly expanding access channels for a wider section of society.”
For further information please contact:
Alex Boxsell, Head of Digital, Communications & Experience, Norton Rose Fulbright in Australia