IMAX acquires SSIMWAVE in US$21 million deal

IMAX Corporation has announced the acquisition of video quality solutions provider SSIMWAVE.

IMAX has paid US$18.5 million in cash and US$2.5 million in stock with additional earnout consideration of US$4 million, subject to achieving certain operating performance and financial objectives. The acquisition is expected to close in 2023.

IMAX said that the acquisition represents a ‘significant expansion’ of its strategy to drive new, recurring revenue and grow its leadership position.

SSIMWAVE, whose customers include Disney, Paramount Global and Warner Bros. Discovery, utilises AI-driven software to enhance video streams and files in real time and optimise video quality. 

IMAX said that it will work with SSIMWAVE in the near term to further grow its business and product suite, including international expansion.

Rich Gelfond, CEO of IMAX, said: “SSIMWAVE is doing revolutionary work at the intersection of human visual perception and image enhancement technology. By putting the power of our global brand behind their award-winning engineering team and product suite, IMAX takes a big step toward a new horizon in our ability to deliver the best images for any creator, across every screen.”

Dr. Abdul Rehman, CEO and co-Founder of SSIMWAVE, said: “Viewers and content creators expect more from video experiences. By joining IMAX, SSIMWAVE will be even better positioned to preserve creators’ intent and enable engaging, differentiated viewing experiences to millions of users across platforms. We’re excited to join IMAX and tap into its global scale and expertise as more streamers turn to SSIMWAVE to ensure the best viewing experiences while reducing bandwidth costs.”