Ymagis Group Signs Memorandum of Understanding for Acquisition of French Subtitling Company ST’501
Paris (France), 29 April 2016/ Ymagis Group (ISIN: FR0011471291, TICKER: MAGIS), the European specialist in digital technologies for the cinema industry, today announced the signing of a Memorandum of Understanding for the acquisition of French subtitling company ST’501, which specializes in live broadcast subtitling for the television industry. According to the terms of the agreement and subject to the fulfillment of conditions precedent, Ymagis Group would become the sole shareholder of ST’501.
"Since its founding in 1996, ST’501 has earned an irreproachable reputation in the marketplace and among its clients, including several large broadcasters in France. It has remained consistently innovative, providing as early as 2008 live TV and corporate event broadcast subtitling services,” said Jean Mizrahi, Ymagis Group CEO & Chairman. “This partnership would allow us to bolster our current subtitling & accessibility offer and expand operations in our content services business segment.”
"Given the complementary nature of our activities, the expected synergies with ST’501 are substantial,” added Christophe Lacroix, Ymagis Group’s SVP Content Services. ”This agreement would strengthen our business offer for TV broadcasters by providing a broader pallet of subtitling services, including closed captioning and sign language interpretation for the deaf and hearing impaired, multilingual subtitling, subtitling for live television broadcast events and live corporate events, and audio description services for the blind and visually impaired."
ST’501 reported revenue of 2.4 million euros in 2015. Located in the southern Paris suburb of Issyles-Moulineaux, the company has 20 full-time or equivalent employees.