Shares buyback from founders and employees by Profitable unicorn Amagi
- ByStartupStory | April 14, 2022
Amagi, the cloud-based media Saas technology platform, which recently turned unicorn following a $95 million round led by Accel. Worth $12 million has been bought back shares from its founding team and employees.
The buyback of 76,533 equity shares at Rs 11,998.63 per share amounting to Rs 91.8 Cr or $12 million has been approved by Amagi board, the company’s regulatory filings show. Only two of the company’s co-founders Baskar Subramanian and Srividhya Srinivasan have offloaded shares worth $8 million or Rs 61.2 crore, out of this buyback. By existing shareholders on a proportionate basis, the rest of the shares will be tendered.
A complete suite of solutions for distribution, content creation and monetization has been provided by Amagi. Amagi clients include beIN Sports, CuriosityStream, ABS-CBN, A+E Networks UK, Discovery Networks and Fox Networks among others.
So far, over $245 million has been raised by it and is currently valued at over $1 billion.
Amagi claims To support over 650 content brands, over 2,000 channel deliveries and more than 800 playout chains on its platform in over 40 countries including several countries including, the UK, the US, Canada, and Singapore.
As per the company’s annual financial report in FY21, India remains one of the smallest geographical markets in terms of revenue, accounting for only 3.6% of Amagi’s annual turnover. Followed by the United Kingdom, revenue wise, the United States is the largest market for the company.
The company saw its revenue from operations grow around 2.3X from Rs 96.1 crore in FY20 to Rs 219.3 crore, during the pandemic hit fiscal year (FY21). As compared to the loss of Rs 18.7 crore in the preceding fiscal, for the period ending March 2021, it posted a net profit of Rs 20.7 crore.
To conduct a share buyback program this month, Amagi has become the fourth growth stage company. On Monday, it had been reported that shares worth $6 million from its top level executives including the company’s CEO, merchant commerce platform Pine Labs, were bought back. Livspace and Upstox had also executed a similar share buyback plan, earlier this month.
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