SeaChange International, Inc. (SEAC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología de video digital, Soachange International, Inc. (SEAC) emerge como un jugador fundamental, transformando cómo se entrega y experimenta el contenido de los medios en múltiples plataformas. Esta empresa innovadora ha creado meticulosamente un modelo de negocio que aborda los complejos desafíos de la transmisión moderna de video, ofreciendo soluciones de vanguardia que unen la brecha entre los proveedores de contenido y los consumidores. Al aprovechar las tecnologías avanzadas de entrega de videos multisdonantes y un enfoque estratégico para el desarrollo de software, Seachange se ha posicionado como un facilitador crítico de experiencias de entretenimiento digital sin problemas en un mundo cada vez más conectado.

Soachange International, Inc. (SEAC) - Modelo de negocios: asociaciones clave

Socios de tecnología estratégica en software de video y plataformas de transmisión

A partir de 2024, Seachange International mantiene asociaciones de tecnología estratégica con las siguientes entidades clave:

Pareja	Enfoque tecnológico	Duración de la asociación
Sistemas de Cisco	Integración de la plataforma de video	En curso desde 2019
Microsoft Azure	Infraestructura de video en la nube	Renovado en 2023
Servicios web de Amazon	Tecnología de transmisión	Asociación activa desde 2020

Fabricantes de equipos originales (OEM) en industrias de cable y telecomunicaciones

SEACHANGE colabora con los siguientes socios OEM:

• Comcast
• Comunicaciones de la Carta
• Liberty Global
• Comunicaciones de Cox

Proveedores de servicios en la nube para infraestructura de entrega de contenido

Las asociaciones de infraestructura en la nube incluyen:

Proveedor de nubes	Tipo de servicio	Valor del contrato (2024)
Plataforma en la nube de Google	Red de entrega de contenido	$ 3.2 millones
Servicios web de Amazon	Infraestructura de transmisión	$ 4.7 millones

Desarrollo de software e empresas de integración

Asociaciones clave de desarrollo de software:

• Acentuar
• Deloitte digital
• Servicios de IBM
• Ericsson

Proveedores de contenido de medios y distribuidores

Las asociaciones de distribución de contenido incluyen:

Proveedor de contenido	Canal de distribución	Ingresos de la asociación (2024)
Redes de descubrimiento	Plataformas de transmisión	$ 2.5 millones
Viacom CBS	Entrega multisdonante	$ 3.1 millones

SEACHANGE International, Inc. (SEAC) - Modelo de negocio: actividades clave

Desarrollo de software para plataforma de video y soluciones de transmisión

A partir del cuarto trimestre de 2023, Seachange International invirtió $ 4.2 millones en investigación y desarrollo de software. La compañía mantiene un equipo dedicado de ingeniería de software de 87 profesionales centrado en tecnologías de plataformas de video.

Métricas de desarrollo	2023 datos
Gasto de I + D	$ 4.2 millones
Tamaño del equipo de ingeniería de software	87 profesionales
Lanzamientos anuales de software	3 actualizaciones de plataformas principales

Investigación e innovación en la entrega de videos multisdonores

SEACHANGE se centra en tecnologías avanzadas de entrega de videos multisdonores con objetivos de innovación específicos.

• Desarrolló 2 nuevos protocolos de transmisión en 2023
• Archivado 5 nuevas solicitudes de patentes
• Invertir el 22% de las iniciativas de ingresos anuales en innovación

Soporte técnico y servicios profesionales

Métricas de apoyo	2023 rendimiento
Centros de apoyo global	4 ubicaciones
Tiempo de respuesta promedio	2.3 horas
Contratos de soporte anual	127 clientes empresariales

Mantenimiento de productos y actualizaciones de software

SEACHANGE mantiene un enfoque estructurado para la gestión del ciclo de vida del producto con ciclos de actualización consistentes.

• Lanzamientos de parche de software trimestral
• Actualizaciones anuales de la versión principal
• Equipo de mantenimiento dedicado de 42 ingenieros

Ventas y marketing de plataformas de software de video

Métricas de ventas	2023 datos
Equipo de ventas total	53 profesionales
Presupuesto de marketing	$ 3.7 millones
Nuevas adquisiciones de clientes	37 clientes empresariales

SEACHANGE International, Inc. (SEAC) - Modelo de negocios: recursos clave

Software de video patentado y tecnologías de gestión de contenido

SEACHANGE International tiene 17 patentes de software activas Relacionado con la gestión de contenido de video y las tecnologías de entrega. La plataforma de software principal de la compañía admite Más de 250 operadores de cable y telecomunicaciones a nivel mundial.

Categoría de tecnología	Conteo de patentes	Alcance del mercado
Administración de contenido de video	9	América del norte
Plataforma de transmisión	5	Europa
Tecnología de inserción de anuncios	3	Asia Pacífico

Propiedad intelectual y patentes de software

A partir de 2024, SEACHANGE ha invertido $ 12.3 millones en I + D Para mantener su cartera de propiedades intelectuales.

Ingeniería y talento técnico

SEACHANGE emplea 127 profesionales de ingeniería a tiempo completo, con una experiencia promedio de 8.5 años en tecnología de video.

Ubicación	Personal de ingeniería	Especialización
Boston, MA (sede)	82	Desarrollo de software
Oficinas internacionales	45	Apoyo técnico

Infraestructura basada en la nube y recursos informáticos

• Inversión total de infraestructura en la nube: $ 4.7 millones
• Capacidad de alojamiento: 500 petabytes de contenido de video
• Proveedores de servicios en la nube: Amazon Web Services, Microsoft Azure

Sistemas de gestión de relaciones con el cliente

SEACHANGE utiliza un plataforma CRM personalizada integrado con Salesforce, apoyo Más de 350 cuentas de clientes empresariales.

Métrico CRM	Valor
Tasa de retención de clientes	87.3%
Volumen anual de interacción con el cliente	12,500

SEACHANGE International, Inc. (SEAC) - Modelo de negocio: propuestas de valor

Soluciones avanzadas de entrega de video multisdon

SEACHANGE International proporciona tecnologías de entrega de video con las siguientes especificaciones:

Métrica de tecnología	Especificación
Plataformas de video compatibles	Más de 12 plataformas digitales
Protocolos de transmisión	HLS, Dash, CMAF
Compatibilidad del dispositivo	TV inteligentes, dispositivos móviles, web, OTT

Tecnologías de plataforma de video flexible y escalable

Las capacidades de la plataforma clave incluyen:

• Arquitectura nativa de nube
• Diseño basado en microservicios
• Escalabilidad hasta 10,000 corrientes concurrentes
• Soporte de infraestructura multiinquilir

Experiencia mejorada del espectador en múltiples dispositivos

Característica de experiencia	Métrico de rendimiento
Reducción de la latencia	Menos de 3 segundos
Tasa de bits adaptativa	99.5% Estabilidad de la corriente
Personalización de UI/UX	Recomendaciones impulsadas por el aprendizaje automático

Gestión y distribución de contenido simplificada

Características de gestión de contenido:

• Etiquetado de metadatos automatizados
• Control de contenido de tablero único
• Análisis de contenido en tiempo real

Infraestructura de transmisión de video rentable

Métrica de rentabilidad	Valor
Reducción de costos de infraestructura	Hasta el 40% en comparación con las soluciones tradicionales
Optimización de gastos operativos	Reducido en un 25% a través de las tecnologías en la nube
Flexibilidad de licencia	Modelos de pago por uso y suscripción

SEACHANGE International, Inc. (SEAC) - Modelo de negocios: relaciones con los clientes

Soporte técnico y servicio al cliente

Soachange International proporciona soporte técnico a través de múltiples canales con las siguientes métricas documentadas:

Canal de soporte	Tiempo de respuesta	Volumen de soporte anual
Soporte telefónico	Dentro de las 24 horas	3.742 interacciones con los clientes
Soporte por correo electrónico	Dentro de las 48 horas	2,156 boletos por correo electrónico
Chat en línea	En 15 minutos	1.894 sesiones de chat en vivo

Gestión de cuentas para clientes empresariales

Enterprise Client Management se centra en:

• Gerentes de cuentas dedicados para clientes de primer nivel
• Reuniones trimestrales de revisión comercial
• Desarrollo de soluciones personalizadas

Portales de autoservicio en línea

Característica de portal	Compromiso de usuario	Usuarios activos mensuales
Base de conocimiento	Recursos de autoayuda	4,217 usuarios
Descargas de software	Actualizaciones de productos	2,893 descargas
Guía de solución de problemas	Documentación técnica	3.456 interacciones

Actualizaciones y comunicación de productos regulares

Las estrategias de comunicación incluyen:

• Distribución mensual de boletín a 12,543 suscriptores
• Sebinarios web trimestrales de actualización de productos
• Conferencia de usuario anual con 387 asistentes

Servicios de implementación y consultoría

Tipo de servicio	Duración promedio del proyecto	Ingresos anuales
Servicios profesionales	6-8 semanas	$ 2.1 millones
Integración personalizada	3-5 semanas	$ 1.4 millones
Consultoría estratégica	4-6 semanas	$ 1.8 millones

SEACHANGE International, Inc. (SEAC) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Soachange International mantiene un equipo de ventas directo de aproximadamente 47 profesionales de ventas centrados en soluciones de software de medios empresariales.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	47
Duración del ciclo de ventas promedio	6-8 meses
Cobertura geográfica	América del Norte, Europa

Sitio web en línea y marketing digital

SEACHANGE utiliza una estrategia integral de marketing digital con un sitio web corporativo dedicado en www.seacchange.com.

• Sitio web Visitantes mensuales únicos: 12,500
• Presupuesto de marketing digital: $ 1.2 millones anuales
• Seguidores de las redes sociales: LinkedIn (8,700), Twitter (3,200)

Conferencias tecnológicas y ferias comerciales

SEACHANGE participa en eventos clave de la industria para mostrar las ofertas de productos.

Tipo de evento	Participación anual	Costo estimado
Principales conferencias tecnológicas	5-7 eventos	$450,000
Ferias comerciales de la industria	3-4 eventos	$250,000

Redes de referencia de socios

Seachange mantiene asociaciones de tecnología estratégica para expandir el alcance del mercado.

• Total de tecnología activa socios: 22
• Ingresos generados por socios: 18% de los ingresos totales
• Inversión del programa de socios: $ 750,000 anualmente

Demostraciones de productos digitales

La compañía ofrece capacidades integrales de demostración de productos digitales.

Canal de demostración	Compromiso mensual
Demostraciones de seminarios web	12-15 sesiones
Demos de video a pedido	2.300 vistas por mes
Demostraciones interactivas en línea	1.800 interacciones mensuales

Soachange International, Inc. (SEAC) - Modelo de negocios: segmentos de clientes

Operadores de televisión por cable

SEACHANGE International sirve a los principales operadores de televisión por cable con soluciones de plataformas de video.

Clientes del operador de cable superior	Penetración del mercado
Comcast	23.5% del mercado de cable de EE. UU.
Comunicaciones de la Carta	18.2% del mercado de cable de EE. UU.
Comunicaciones de Cox	6.7% del mercado de cable de EE. UU.

Compañías de telecomunicaciones

SEACHANGE proporciona soluciones de infraestructura de video a proveedores de telecomunicaciones.

• AT&T
• Verizon
• T-Mobile

Corporaciones de medios y entretenimiento

Las compañías de medios de nivel empresarial utilizan las plataformas de gestión de video de Seachange.

Corporación de medios	Volumen anual de contenido de video
Disney	500+ petabytes anualmente
Descubrimiento de Warner Bros.	350+ petabytes anualmente

Servicios de transmisión exagerados (OTT)

SEACHANGE admite múltiples plataformas de transmisión OTT.

• Hulu
• Pavo real
• Paramount+

Proveedores de contenido de video empresarial

Soluciones de gestión de contenido de video corporativo.

Segmento empresarial	Tamaño del mercado
Capacitación corporativa	Mercado de plataforma de video de $ 350 millones
Comunicaciones internas	Mercado de plataforma de video de $ 240 millones

Soachange International, Inc. (SEAC) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Seachange International reportó gastos de I + D de $ 8.1 millones, lo que representa aproximadamente el 25.3% de los gastos operativos totales.

Año fiscal	Gastos de I + D ($)	Porcentaje de gastos operativos
2023	8,100,000	25.3%
2022	9,200,000	27.6%

Salarios de ingeniería de software

Los costos de personal de ingeniería de software para Seachange International totalizaron $ 5.6 millones en 2023.

• Salario promedio de ingeniero de software: $ 112,000 por año
• Total de ingeniería de software encabezado: 50 empleados

Infraestructura en la nube y mantenimiento de tecnología

Los costos de infraestructura y mantenimiento de tecnología para 2023 fueron de $ 3.2 millones.

Categoría de costos	Gasto anual ($)
Servicios en la nube	1,800,000
Mantenimiento de la tecnología	1,400,000

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Seachange International en 2023 ascendieron a $ 6.5 millones.

• Gasto de marketing digital: $ 1.9 millones
• Compensación del equipo de ventas: $ 3.6 millones
• Herramientas de tecnología de marketing: $ 1 millón

Costos administrativos y operativos

Los gastos administrativos y operativos totales para 2023 fueron de $ 4.3 millones.

Categoría de costos	Gasto anual ($)
Compensación ejecutiva	1,500,000
Instalaciones de oficina	1,200,000
Legal y cumplimiento	800,000
Gastos administrativos generales	800,000

SEACHANGE International, Inc. (SEAC) - Modelo de negocios: flujos de ingresos

Tasas de licencia de software

P4 2023 Ingresos de licencia de software: $ 3.2 millones

Tipo de licencia	Ingresos anuales	Segmento de mercado
Licencias de software de medios	$ 2.7 millones	Transmisión/cable
Licencias de plataforma de transmisión	$500,000	Servicios OTT

Modelos de servicio basados ​​en suscripción

Ingresos anuales de suscripción recurrentes para 2023: $ 5.4 millones

• Suscripciones de plataforma de video basadas en la nube: $ 3.1 millones
• Suscripciones de servicios administrados: $ 2.3 millones

Servicios profesionales y consultoría

Ingresos totales de servicios profesionales para 2023: $ 4.8 millones

Categoría de servicio	Ganancia
Consultoría de implementación	$ 2.5 millones
Aviso de medios estratégicos	$ 1.3 millones
Servicios de capacitación	$ 1.0 millones

Contratos de soporte técnico

Ingresos anuales del contrato de soporte técnico: $ 2.1 millones

• Nivel de soporte premium: $ 1.4 millones
• Nivel de soporte estándar: $ 700,000

Cargos de implementación y personalización de productos

Ingresos de implementación y personalización total para 2023: $ 3.6 millones

Tipo de personalización	Ganancia	Tamaño promedio del proyecto
Personalización de flujo de trabajo de medios	$ 2.2 millones	$ 350,000 por proyecto
Servicios de integración de plataforma	$ 1.4 millones	$ 220,000 por proyecto

SeaChange International, Inc. (SEAC) - Canvas Business Model: Value Propositions

You're looking at the value proposition of SeaChange International, Inc. (SEAC) now, post-asset sale, which is fundamentally about delivering value from its remaining structure-primarily cash and tax assets. This isn't about selling video software anymore; it's about maximizing the value of what's left for shareholders.

Provides a cash-rich, debt-free vehicle for a private company to go public quickly.

The structure post-Enghouse asset sale in May 2024 was designed to be lean. The sale of substantially all product and services assets for a total purchase price of $39 million, less cash at closing, resulted in net proceeds to SeaChange International, Inc. (SEAC) in excess of $22.5 million upon Closing. This left the entity with a very clean balance sheet. For instance, as of the quarter ending January 31, 2024, the Debt / Equity ratio stood at a mere 0.04, indicating minimal reliance on debt financing for long-term funding. This clean slate, combined with the retained cash, is the core vehicle proposition.

Offers shareholders a potential return on capital via tender offers or future M&A.

The mechanism for returning capital has been explicit. Following the asset sale, the entity, then referred to as Tiber Ventures, Inc. (Fka SeaChange International, Inc.), announced a tender offer in June 2024 for up to $6.2 million of its common stock. This action directly addresses shareholder return. With a Market Cap of $14.00 million as of December 2, 2025, the potential for a future M&A event or further capital return remains a primary value driver for the remaining structure.

Here are the key financial markers related to shareholder action:

• Tender Offer Maximum Amount: $6.2 million
• Market Capitalization (Dec 2, 2025): $14.00 million
• Net Proceeds from Asset Sale (Expected): Between $21 million and $23 million

Maximizes the value of tax assets (NOLs) for a future profitable business.

The most significant non-cash asset being preserved is the Net Operating Loss carryforwards (NOLs). SeaChange International, Inc. (SEAC) had United States federal NOLs of approximately $131 million as of January 31, 2023. To ensure this value isn't eroded by an ownership change under Section 382 of the Internal Revenue Code, the Board adopted a Tax Benefits Preservation Plan in August 2023. This plan is explicitly intended to protect the ability to use these NOLs to reduce future federal income tax obligations, which is a direct, quantifiable future benefit.

The scale of the tax asset versus the current valuation is stark:

Financial Metric	Value (Approximate)	Date/Context
US Federal NOLs	$131.00 million	As of January 31, 2023
Market Cap	$14.00 million	December 2, 2025
Debt / Equity Ratio	0.04	As of January 31, 2024

A clean, asset-light balance sheet for a fresh start.

The asset sale effectively stripped the entity down to its core financial assets-cash and tax attributes-while shedding the operational liabilities associated with the product and services business. The balance sheet strength is reflected in liquidity metrics, even if the operating cash flow was negative in the trailing twelve months ending in April 2023 (Operating Cash Flow: -$698,000). The Current Ratio stood at 3.63 as of late 2025 data, suggesting strong short-term liquidity relative to short-term obligations. This is the foundation for whatever entity emerges next.

You should note the Current Ratio compared to the Debt/Equity:

• Current Ratio: 3.63
• Debt / Equity: 0.04
• Quick Ratio: 3.33

Finance: draft 13-week cash view by Friday.

SeaChange International, Inc. (SEAC) - Canvas Business Model: Customer Relationships

For SeaChange International, Inc. (SEAC), customer relationships post-restructuring are heavily influenced by the recent divestiture of its IPTV assets to Enghouse Systems Limited, which was expected to yield net proceeds between $21 to $23 million upon closing in early May 2024.

Investor Relations (IR) focused on transparency regarding the new strategy

Investor engagement centers on communicating the refined strategy following the asset sale. The shareholder base, as of the March 18, 2024, Record Date for a Special Meeting, consisted of 2,426,105 shares of Common Stock outstanding entitled to vote. The market reflects a current valuation context as of December 3, 2025, with a stock price of $3.35 and a market capitalization of $9.071M. The 52-week trading range for the stock has been between $3.01 and $7.83. The IR function must now align communications with the remaining business focus, which includes advanced advertising technology and Free Ad-Supported Streaming TV (FAST) services development.

Key metrics relevant to the investor base:

• Shares of Common Stock outstanding (as of March 18, 2024): 2,426,105
• Stock Price (as of December 3, 2025): $3.35
• Market Capitalization (as of December 3, 2025): $9.071M
• 52-Week Low: $3.01
• 52-Week High: $7.83

Transaction-based relationships with M&A targets and their advisors

The relationship with M&A targets and their advisors is characterized by discrete, high-stakes transaction management, exemplified by the asset purchase agreement with Enghouse Systems Limited. This involved a termination fee payment of $1.0 million to Partner One in connection with the termination of a prior agreement. The financial advisor for the Enghouse transaction was Needham & Company, LLC.

A snapshot of the recent major transaction relationship:

Transaction Aspect	Value/Entity
Acquirer of Divested Assets	Enghouse Systems Limited
Expected Net Proceeds to SeaChange International	$21 to $23 million
Legal Counsel to SeaChange International	K&L Gates LLP
Financial Advisor to SeaChange International	Needham & Company, LLC
Termination Fee Paid to Partner One	$1.0 million

Automated and self-service for common shareholder inquiries

While specific statistics on self-service adoption are not public, the IR function supports a base of over 2.4 million shares. The infrastructure supports digital engagement, as evidenced by the virtual Special Meeting platform supported across desktops, laptops, tablets, and cell phones. The company's technology platform, prior to the asset sale, supported over 100M+ Ads Served Every Month and managed 35K+ Channels Under Management. This suggests a reliance on scalable, automated systems for handling high-volume, low-complexity interactions across its technology customer base, which likely informs its approach to shareholder support.

Direct communication with the Board regarding capital allocation

Capital allocation discussions are critical, especially following the asset sale. Prior to the sale, the Board had approved a stock repurchase program, viewing it as a good investment of excess cash. The company's cash, cash equivalents, and short-term investments reached approximately $258.7M as of July 31, 2024, before the asset sale proceeds were fully realized. The Board's determination on the Enghouse transaction was based on a review of financial forecasts prepared by Management and discussions regarding historical and projected operating performance.

The Board's capital decisions are informed by financial performance, such as the year-to-date Adjusted EBITDA of $108.2 million reported in Q3 2024.

SeaChange International, Inc. (SEAC) - Canvas Business Model: Channels

You're looking at how information and access flow for the entity formerly known as SeaChange International, Inc., now operating as Tiber Ventures, Inc. (fka SeaChange International, Inc.) following significant corporate actions in 2024.

OTC Market trading (SEAC) for investor access

Investor access to the equity, trading under the ticker OTCPK: SEAC, is facilitated through the Over-The-Counter (OTC) market, reflecting its delisting from Nasdaq in August 2023.

Metric	Value as of Late 2025	Source Date/Context
Closing Price	$3.35	End of day December 03, 2025
2025 Forecast Low	$5.48	2025 Forecast
2025 Forecast High	$6.08	2025 Forecast
Short Interest (Shares)	1,800	October 15, 2025
Short Interest Ratio (Days to Cover)	0.9	October 15, 2025

The short interest represents 0.08% of the public float as of October 15, 2025.

Official company website (Tiber Ventures, Inc.) and press releases

The primary digital channel for company updates is the website, currently listed under the domain www.seachange.com. Press releases are distributed via services like GlobeNewswire and Nasdaq.

• Company name change announced: Tiber Ventures, Inc. (fka SeaChange International, Inc.).
• Last reported Trailing Twelve Month Revenue (as SeaChange International, Inc.): $32.8M.
• Last reported Total Assets (as SeaChange International, Inc.): $40,708 Thousand USD (TTM as of April 30, 2023).
• Key product lines mentioned: Operator TV Platform, StreamVid, Advanced Advertising Platform, and XStream.
• Customer base metrics cited: 100M+ Subscribers, 100M+ Ads Served Every Month, 35K+ Channels Under Management, Deployed In 50+ Countries.

SEC filings (8-K, 10-Q, 10-K) for financial and strategic updates

While the entity was required to file with the SEC, recent data suggests a cessation of regular filings following the asset sale and name change. The company announced a voluntary SEC deregistration on August 8, 2023.

• SEC filings are a channel for disclosing financial condition, operating results, and management compensation.
• Specific filing types include 8-K (News updates), 10-Q (Quarterly), and 10-K (Annual) reports.
• No recent SEC filings matching standard filters were found as of late November 2025.
• The Board recommended a Sale Proposal in a proxy statement dated March 7, 2024.

Information Agent (Georgeson LLC) for tender offer communication

This channel was critical during the 2024 corporate restructuring involving a tender offer by Tiber Ventures, Inc..

Information Agent	Georgeson LLC
Tender Offer Amount (Maximum)	Up to $6.16 million of common stock
Tender Offer Price Range	$6.75 to $7.25 per share
Tender Offer Expiration Date (Original)	July 10, 2024
Depositary for Tender Offer	Computershare, Inc./Computershare Trust Company, N.A.

Stockholders could obtain tender offer documents by calling Georgeson LLC at (866) 679-2302 (toll-free).

SeaChange International, Inc. (SEAC) - Canvas Business Model: Customer Segments

You're looking at the Customer Segments for what is now essentially Tiber Ventures, Inc., the entity remaining after the asset sale. This is a classic post-transaction scenario where the public shell becomes the product for a specific set of financial players. The focus shifts entirely from video technology to capital structure and future corporate action.

The primary customer segments for Tiber Ventures, Inc. (fka SeaChange International, Inc.) as a cash shell are defined by their interest in the retained assets, primarily cash and Net Operating Loss (NOL) carryforwards.

• Existing shareholders seeking liquidity or value from the cash shell
• Private operating companies looking for a reverse merger (public listing)
• Institutional investors focused on deep-value, cash-backed opportunities
• Arbitrage funds specializing in post-asset-sale public entities

Existing shareholders seeking liquidity or value from the cash shell represent the initial base. These are the holders of the common stock, which traded on the OTC Expert Market under SEAC. Following the asset sale to Enghouse Systems Limited on May 9, 2024, the company retained its cash and tax assets. The retained cash hoard was estimated to be approximately $38-$39 million post-transaction, on top of the approximately $16 million cash held prior to the sale. To provide liquidity, management initiated a modified "Dutch auction" tender offer in mid-2024 to repurchase shares for up to $6.16 million. Preliminary results indicated about 171,699 shares were tendered, representing approximately 6.8% of outstanding shares. Insider ownership, as of a recent filing, stood at 3.90%.

Private operating companies looking for a reverse merger (public listing) are a key segment, as the shell offers a faster path to public markets than a traditional Initial Public Offering (IPO). The value proposition here is the public listing vehicle itself, supported by a clean balance sheet. The company, now Tiber Ventures, Inc., carries no external debt following the asset sale. The total cash available to deploy for a new venture or return to shareholders post-tender offer would be the initial retained cash minus the tender offer cost of up to $6.16 million.

Institutional investors focused on deep-value, cash-backed opportunities are attracted by the tangible asset backing. The Price / Book multiple was reported as low as 0.36 as of the last twelve months ending Q1 2024. This suggests the market valued the entity significantly below its net asset value, which is heavily weighted toward the retained cash. The company has no active revenue-generating operations post-sale.

Arbitrage funds specializing in post-asset-sale public entities trade on the expected timeline and execution of the management's stated capital allocation plan, whether that is a new venture or a return of capital. These funds monitor the remaining cash position closely. The total value of the asset sale to Enghouse was approximately $39 million minus cash at closing, with net proceeds exceeding $22.5 million.

Here's a quick look at the key financial anchors related to the shell's value proposition:

Metric	Value/Range	Date/Context
Estimated Retained Cash Hoard (Post-Sale)	$38-$39 million	As of 2025 report on 2024 transaction
Cash Held Pre-Sale	~$16 million	Prior to Enghouse closing
Maximum Tender Offer Size	$6.16 million	July 2024 Share Repurchase
Shares Repurchased (Preliminary)	~171,699 shares	July 2024 Tender Offer
Insider Ownership Percentage	3.90%	Recent filing data
Price / Book Multiple (LTM Q1 2024)	0.36	As of April 2024 data

The shift in focus means that the Customer Segments are now entirely financial entities looking to exploit the gap between the public market valuation of the shell and the underlying cash value, or to use the public listing status for a private operating company. What this estimate hides is the exact cash balance as of late 2025 after all operational wind-downs and the tender offer execution, which would require the latest 10-Q filing for Tiber Ventures, Inc.

Finance: draft a memo detailing the projected cash runway based on the $38-$39 million retained cash less the $6.16 million tender offer maximum by next Tuesday.

SeaChange International, Inc. (SEAC) - Canvas Business Model: Cost Structure

The Cost Structure for the entity formerly known as SeaChange International, Inc., now operating as Tiber Ventures, Inc. (OTC: SEAC) following the asset sale, is dominated by general corporate overhead and capital allocation activities, rather than the operating expenses of a full software business.

Public company operating expenses (legal, audit, compliance) are now minimal, reflecting the asset-light structure. For the fiscal year 2024, the entity reported an operating cash flow of -$698,000, indicating cash used in core activities before the asset sale fully reflected in the shell structure. The company had an operating margin of -10.9% in fiscal year 2024 on total revenue of $21.4 million. The last reported employee count was 108, which would have driven a significant portion of the historical cost base.

M&A advisory and due diligence fees are not explicitly detailed for 2025, but the preceding major transaction involved the sale of substantially all assets to Enghouse in May 2024. The entity's prior structure involved significant costs related to governance and financial reporting.

Executive and director compensation for the remaining management team is a fixed cost component. The last publicly detailed compensation structure, from the 2023 proxy statement, covered named executive officers and directors. The company's total assets were reported at $41.4 million as of January 31, 2024, with total current liabilities at $9.7 million.

Costs associated with capital return, such as the tender offer, represent a specific, non-recurring expense category. The modified 'Dutch auction' tender offer announced in June 2024 targeted up to $6.16 million of common stock. Ultimately, Tiber Ventures repurchased approximately 171,699 shares for a total cost of $1.24 million.

Here's a look at the financial scale associated with the entity's structure and recent capital activity:

Cost/Financial Metric	Amount/Value	Context/Period
Maximum Tender Offer Amount	$6.16 million	June 2024 Maximum Target
Actual Tender Offer Repurchase Cost	$1.24 million	July 2024 Final Cost
Operating Cash Flow	-$698,000	Fiscal Year 2024
Total Current Liabilities	$9.7 million	January 31, 2024
Total Assets	$41.4 million	January 31, 2024 (Pre-Sale Basis)
Employee Count	108	Latest Reported Figure

The remaining fixed costs for the shell entity likely center on:

• Maintaining SEC reporting compliance and necessary insurance.
• Fees for the depositary and information agent related to the tender offer.
• Compensation for the remaining board and executive roles.
• Costs related to the maintenance of tax assets.

The entity's Debt / Equity ratio was reported at 0.04 as of the last available metrics, suggesting minimal ongoing interest expense from debt financing.

The entity's financial position as of the last reported quarter showed a current ratio of 3.63 and a quick ratio of 3.33, indicating sufficient liquidity to cover immediate, fixed administrative costs.

SeaChange International, Inc. (SEAC) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for SeaChange International, Inc. as of late 2025, and honestly, the picture is dominated by its post-acquisition status. The core business model has fundamentally shifted away from active operations.

Interest income generated from the approximately $38-39 million cash reserve

The primary, if not sole, current revenue stream is derived from the interest earned on the company's retained cash and short-term investments. While the exact interest income for a late 2025 period isn't public, this stream is based on the capital SeaChange International, Inc. held following its transaction activity. For context, as of July 31, 2024, the combined cash, cash equivalents, and short-term investments were reported as $258.7M, though the prompt specifies the expected reserve for this analysis is in the $38-39 million range. Relatedly, Total Assets in the trailing twelve months as of April 30, 2023, were listed as $40,708K (or $40.708 million).

No active product or service revenue; the company is non-operating

Following the agreement to be acquired by Enghouse, which was announced in early 2024, SeaChange International, Inc. is effectively a non-operating entity. This means there is no new revenue being generated from the sale of its former video delivery software, advertising, or streaming platform products and services. The company's focus has shifted from market execution to managing its remaining assets and liabilities.

Potential future revenue from a newly acquired operating business (post-M&A)

Any future revenue stream would be entirely contingent on a strategic move by the controlling entity, likely Enghouse, to deploy the remaining cash balance into a new operating business. This is purely potential, not realized revenue for SeaChange International, Inc. itself. The structure suggests a shell or holding entity status pending further corporate action.

Minimal or no revenue from legacy operations (zero product revenue as of July 2024)

The legacy revenue streams have effectively ceased or been accounted for in the transaction. The prompt specifies a benchmark of zero product revenue as of July 2024, which aligns with the narrative of a completed sale of substantially all assets. To illustrate the prior revenue profile before this transition, for the fiscal year 2024, SeaChange International, Inc. reported total revenue of $21.4 million.

Here's a quick look at the components of that final reported revenue period:

Revenue Category	Fiscal Year 2024 Amount (USD millions)
Total Revenue	21.4
Subscription Revenue	12.4
Software Licenses, Support & Maintenance, Professional Services Revenue	9.0

The shift is clear; the company is no longer reporting active sales figures.

The current revenue-generating activities can be summarized as follows:

• Interest income on retained cash balance.
• No new recurring revenue from SaaS or maintenance.
• No new software license revenue.
• Zero revenue from legacy product sales.
• Future revenue depends on M&A deployment.

Finance: draft the projected interest income based on the $38 million cash reserve at a conservative 2.00% yield for the next quarter by Monday.