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SeaChange International Inc., a developer of video-on-demand technologies, has sold its stake in Casa Systems Inc. for a pre-tax gain of $25.2 million.
Acton-based SeaChange (Nasdaq: SEAC) acquired its equity stake in Casa Systems in 2005 for $8.2 million. SeaChange invested another $654,000 in June 2009.
Casa Systems, which specializes in delivering video over cable networks, is headquartered in Andover. The company has for months been the subject of rumors that it is seeking a buyer.
SeaChange CEO Bill Styslinger said the divestment was intended to free up capital and better focus the company’s attention on its core operations. The sales gross proceeds were $34.1 million.
“We invested in Casa five years ago to help accelerate the development of cost-effective, marketable solutions that enable IP streaming over cable,” Styslinger said. “IP streaming is essential for SeaChange to deliver advanced IP-based television software applications. Now that IPTV is a reality, it is the right time for us to sell our shares of Casa so we can allocate all of our resources to help grow our core business.”
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