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6 April, 2022 - 14:13 By Tony Quested

Aferian allocates $5.2m for acquisition of The Filter

Video streaming solutions plc Aferian has acquired an AI-driven UK company in a deal that could stack up to $5.2m cash.

Cambridge-based Aferian has bought Exabre Limited, trading as The Filter – an AI-powered video recommendation service.

The Filter's cutting-edge data science, analysis and machine learning technologies help consumers find and watch more of the video content they choose. Customers include streaming providers Joyn in Germany, EPIX in the US and BBC Studio-owned UKTV Play in the UK.

Aferian says The Filter's technology will significantly accelerate the roadmap of subsidiary 24i's video streaming platform by adding enhanced analytics, recommendations and personalisation to its existing data analytics services. 24i will also market The Filter's managed service solution to its existing OTT and Pay TV customers and prospects as a standalone service.

Led by The Filter's current CEO Damien Read, who will join 24i as SVP of data products, The Filter's team of data scientists will continue to be based in Bath and will work alongside 24i's existing data analytics team.

The move represents a further supportive step along the group's 2025 strategy, which addresses the convergence of streaming services and traditional Pay TV. 

It is also in line with Aferian's objective to acquire key and emerging technologies that add value to its platform's capabilities by making it easier for end consumers to find the video and content they love.

The Filter generated a loss before tax of $0.5m for the year ended  December 31 and had total assets of $1m at that time.

Aferian will initially pay $2m cash, of which $1.6m was paid on completion and $0.4m has been deferred until 18 months after the acquisition date.  A second payment of $3.2m cash is subject to achieving certain annual recurring revenue and will be payable in two tranches, at the first and second anniversaries of the acquisition.

Aferian CEO Donald McGarva, said: “With The Filter's team expertise in personalised, data-driven analytics and recommendations, this acquisition will accelerate our vision of making it easier to connect people to the TV and video they love. 

“As part of 24i, The Filter's technology enhances and complements our offering, as well as opening up new opportunities to the business.”

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