By Haripriya Suresh
BENGALURU, Jan 13 (Reuters) – General Atlantic-backed Indian cloud software player Amagi Media Labs is banking on media customers moving to the cloud to boost revenue, the company’s chief executive said.
The Bengaluru-based firm, which provides software for the broadcast and streaming TV industries, launched a $199 million IPO on Tuesday.
“Roughly 10% of the workloads have moved to the cloud across the media business. The biggest tailwind for us is the 90% that has yet to grow,” CEO Baskar Subramanian said in an interview on Thursday.
Amagi aims to use artificial intelligence to help media companies reduce operating costs and has prioritised investments towards developing AI-first and AI-augmented tools across its product lines, the CEO said.
The firm is also looking at opportunities to enable the distribution of streaming content globally, Subramanian said.
Amagi counts A+E Networks UK, Roku, Lionsgate Studios and NBCUniversal among its clients.
At the IPO, Amagi targets a valuation of more than $869 million, down nearly 40% from its last private market valuation of $1.4 billion in 2022. The firm had trimmed the size of its IPO from its draft filing.
The reduction in the IPO size was because of the company’s profitability and a reduced need for cash, the CEO said.
Amagi posted a profit of 64.7 million rupees ($716,679) for the six months ended September last year, compared with a loss of 660.08 million rupees a year earlier.
($1 = 90.2775 Indian rupees)
(Reporting by Haripriya Suresh; Editing by Mrigank Dhaniwala)
