TikTok rival Triller to go public through merger with SeaChange International - TechCrunch
Triller short video app is expected to go public through a backward merger with tech tech company SeaChange International, the two companies announced Wednesday. The total entity is estimated to be valued at approximately $ 5 billion. The boards of the two companies have agreed on the proposed merger and the agreement is expected to close in the first quarter of 2022, subject to regulatory approval and stock owners.
Like TikTok, Triller allows users to create and share short format videos to music. The Los Angeles-based company was first launched in 2015 and the app has been downloaded more than 250 million times. Triller has attracted many famous users, such as Justin Bieber, Marshmello, The Weeknd, Alicia Keys, Cardi B, Eminem, Post Malone and Kevin Hart. The app has also dealt with popular TikTok users, such as Charli D'Amelio and Noah Beck. Former US President Donald Trump also used the app, though he hasn't posted a new video since January.
Upon completion of the merger, SeaChange will change its name to TrillerVerz Corp. Massachusetts-based company Acton is positioning itself as a provider of video delivery software solutions that power cloud and on-premises video delivery platforms. The joint venture will be led by Mahi de Silva, CEO of parent company Triller. Peter Aquino, president and CEO of SeaChange, joins the TrillerVerz team.
"We believe that TrillerVerz is emerging as the voice of youth culture, a brand that is at the heart of content, creators, commerce and culture in the digital world," de Silva said in a statement. “Our strategy is to build the world’s largest platform for creators to distribute and monetize viral and engaging content with culturally enhancing experiences. We believe that merging with SeaChange is accelerating our advertising and marketing capabilities by expanding our reach for cable, satellite and OTT media. ”
Both companies say TrillerVerz is positioned to be a leading social media platform with AI power for content, creators and commerce. TrillerVerz plans to expand its revenue streams by increasing its global footprint and investing in new growth opportunities across the creator economy and emerging technologies.
“The business combination with TrillerVerz represents a unique opportunity to invest in future creativity,” SeaChange CEO Peter Aquino said in a statement. “We believe TrillerVerz’s unparalleled social media reach, Gen Z communication, and the opportunity to significantly expand its global multi-platform presence across content, commerce, creators, and real estate leading e-commerce, adtech, and NFTs, including the metaverse, is a strong investment with the potential to create significant value. ”
News of the merger comes as Triller and its parent company have been expanding the social video platform over the past year. Last month, Triller acquired Thuzio, a company focused on business-to-business impact events and experiences.
In April, Triller acquired Amplify.AI-based AI-based consumer communication platform, which works with brands in CPG, financial services, automation, telecom, politics and digital media, among others. In the same month, Triller also acquired FITE TV, a live event and pay-per-view combat sports streaming platform. In March, Triller acquired Verzuz's live music streaming platform, founded by Swizz Beats and Timbaland.