Short-video app TikTok rival Triller to go public via $5 bln uniting with SeaChange International

Short video app Triller is set to go public through an opposite consolidation with video-tech organization SeaChange International, the two organizations declared on Wednesday. The combined entity will be esteemed at around $5 billion. The boards of the two organizations have approved the proposed consolidation and the deal is relied upon to shut in the first quarter of 2022, likely to regulatory and stockholder approvals.

Like TikTok, Triller permits clients to make and share short-form videos set to music. The Los Angeles-based organization at first launched in 2015 and the app has been downloaded more than 250 million times. Triller has attracted numerous notable users, like Justin Bieber, Marshmello, The Weeknd, Alicia Keys, Cardi B, Eminem, Post Malone, and Kevin Hart. The app has likewise inked deals with famous TikTok users, like Charli D’Amelio and Noah Beck. Former U.S. President Donald Trump likewise used the app, even though he hasn’t posted a new video on the platform since January.

Investors have committed to invest $250 million as part of the deal, Reuters revealed last week, refering to an individual acquainted with the matter.

Following the finishing of the merger, SeaChange will change its name to TrillerVerz Corp. The Acton, Massachusetts-based organization portrays itself as a provider of video delivery software solutions that power cloud and on-premise video delivery platforms. The combined organization will be led by Mahi de Silva, the CEO of Triller’s parent organization. Peter Aquino, the president and CEO of SeaChange, will join the TrillerVerz team.

“We believe TrillerVerz is becoming the voice of youth culture, a brand that sits at the nexus of content, creator, commerce, and culture in the digital world,” said de Silva, in a statement. “Our strategy is to continue to build the world’s largest stage for creators to distribute and monetize viral and engaging content with experiences that elevate culture. We believe that combining with SeaChange accelerates our advertising and marketing capabilities by extending our reach to cable, satellite, and OTT media.”

The two organizations say TrillerVerz is positioned to become a leading AI-powered social media platform for content, makers, and commerce. TrillerVerz plans to extend its revenue streams by expanding its global footprint and investment in new development opportunities across the maker economy and arising technologies.

“The business combination with TrillerVerz represents a tremendous opportunity to invest in the future of creativity,” SeaChange CEO Peter Aquino said in a statement. “We believe that TrillerVerz’s unmatched social media reach, Gen Z engagement, and the opportunity to meaningfully expand its global multi-platform presence across content, commerce, creators, and being at the forefront of e-commerce, ad tech, and NFTs, including the metaverse, is a compelling investment with the potential to create significant value.”

Insight about the merger comes as Triller and its parent organization have been growing the social video platform over the previous year. Last month, Triller gained Thuzio, an organization focused on business-to-business premium influencer events and experiences.

In April, Triller gained the AI-based customer engagement platform Amplify.AI, which works with brands in CPG, financial services, automotive, telecom, politics, and digital media, among others. Around the same month, Triller additionally procured FITE TV, a live event and pay-per-view combat sports streaming platform. In March, Triller procured live music streaming platform Verzuz, which was established by Swizz Beats and Timbaland.

A reverse merger is a deal wherein a private company opens up to the world by purchasing a listed organization.

The deal comes later the proprietor of the short-video app racked plans to list through a merger with a blank-check firm last year, as investor opinion soured on what has been one of the biggest trends on Wall Street.

Triller was likewise checking out the direct listing technique for listing shares, Reuters detailed in June.

The organization additionally owns Triller Fight Club, a live-event platform in partnership with rapper Snoop Dogg and works TrillerTV, a long-form content streaming platform with more than 65 original shows.

Shares of SeaChange were last up 70% at $3.05 in early trading. SeaChange, a supplier of video delivery, advertising, and streaming platforms, has a market capitalization of almost $88 million, as indicated by information from Refinitiv.

The combined organization will be named TrillerVerz Corp and will be led by Mahi de Silva, the CEO of Triller’s parent organization.

TrillerVerz will trade on the Nasdaq following deal close, which is expected in the first quarter of the next year, and the ticker symbol will change to “ILLR” from “SEAC”.