Masstech Undergoes Ownership Restructuring

Masstech has confirmed it has undergone an ownership restructuring. The company is now controlled by Covington Fund II Inc., one of Canada's largest venture capital firms.

The new ownership will position Masstech to accelerate its growth, build on its success, and capitalise on its imminent new software releases, as well as the adoption of its solutions.

The ownership change brings Masstech's business under the newly-formed corporate entity Masstech Innovations Inc. It provides software solutions and expertise for media organisations to manage their valuable digital media content and related information throughout its lifecycle.

"We remain impressed with Masstech's vision, insight, ground-breaking technologies and deep understanding of its target markets," said Phil Reddon, Managing Partner at Covington. "We are extremely excited to take majority control of the company, particularly at a time when it is poised to break through to the next level of growth."

"We have invested significantly in R&D over the past three years for our next generation of solutions, from our pending new MAM software releases to laying the groundwork for future game-changing innovations on our roadmap. Meanwhile, our award-winning newsroom solution is now benefiting nearly 100 stations, and we are poised to double that footprint less than three years after its introduction," added Joe French, President and CEO of Masstech Innovations. "The ownership change positions us to accelerate our growth as we build on this enviable foundation, and we're thrilled to be working with the Covington team to take Masstech to new heights.

"For our customers, beyond the new formal corporate name, the ownership change should be completely transparent," he continued. "We are executing on our same strategy, continuing our rich history of innovation with the same unwavering focus on broadcasters and the media and entertainment industry."

Image: Joe French, President and CEO of Masstech Innovations.

www.masstech.com

(JP/LM)