Acton-based video software company SeaChange International Inc. said today it will sell its broadcast server and storage business.
The company said the move will allow it to focus on its core software and services operations. The divested business, which will be sold to a group of financial investors and led by VantagePoint Capital Partners, will be called XOR Media. It will be led by Zheng Gao, president of SeaChange Storage and Servers.
SeaChange CEO Raghu Rau said in a statement that the divestiture will help SeaChange transform into a "pure play" software company, reduce its cost structure, compete in the video market and generate cash.
He added that his company will work closely with XOR, which would be one of a number of server and storage product companies SeaChange could partner with to provide services to customers.
The deal is expected to close after regulatory approvals.