Video-sharing app Triller to go public via SeaChange merger
Emerging video-sharing app Triller is preparing to list on the Nasdaq through a reverse merger with video advertising technology company SeaChange ( (SEAC) – Get the report from SeaChange International, Inc.).
The two have reached a definitive agreement to partner with a company focused on video advertising. Known as TrillerVerz, the new company will trade under the symbol “ILLR” and be valued at approximately $5 billion.
Founded in 2015 by David Leiberman and Sammy Rubin, Los Angeles-based Triller started out as a video editing app but later morphed into a social media platform and space where users can share short videos.
SeaChange has been in video advertising since the 1990s and will become an operating subsidiary of TrillerVerz.
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Triller began gaining traction in the United States by live-streaming boxing matches with unconventional figures like social media star Jake Paul and mixed martial artist Frank Mir. Along with a product similar to TikTok, the app has also become popular in India after the country banned the China-based company over political disputes with Beijing last summer.
Approved by the boards of directors of both companies, the deal is expected to close in the first quarter of 2022. In addition to its goal of remaining relevant to younger audiences, TrillerVerz plans to expand its product to releases have not yet been widely adopted. of the Internet — from the metaverse to the web3.
“Today, TrillerVerz’s combined ecosystem of creators are the most recognized and followed brands of younger generations around the world,” said Mahi de Silva, who was chosen to lead TrillerVerz as CEO. in a press release. “We believe TrillerVerz is becoming the voice of youth culture, a brand that sits at the crossroads of content, creator, commerce and culture in the digital world.”
After news of the merger became public, (SEAC) – Get the report from SeaChange International, Inc. the stock jumped 80% to $3.18.