Seachange International, Inc. (SEAC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie vidéo numérique, Seachange International, Inc. (SEAC) émerge comme un acteur pivot, transformant la façon dont le contenu des médias est livré et expérimenté sur plusieurs plateformes. Cette entreprise innovante a méticuleusement conçu un modèle commercial qui relève les défis complexes du streaming vidéo moderne, offrant des solutions de pointe qui comblent l'écart entre les fournisseurs de contenu et les consommateurs. En tirant parti des technologies avancées de livraison vidéo multiples et une approche stratégique du développement de logiciels, Seachange s'est positionné comme un catalyseur critique d'expériences de divertissement numérique transparentes dans un monde de plus en plus connecté.

Seachange International, Inc. (SEAC) - Modèle d'entreprise: partenariats clés

Partenaires technologiques stratégiques dans les logiciels vidéo et les plateformes de streaming

En 2024, Seachange International maintient des partenariats technologiques stratégiques avec les entités clés suivantes:

Partenaire	Focus technologique	Durée du partenariat
Systèmes Cisco	Intégration de la plate-forme vidéo	En cours depuis 2019
Microsoft Azure	Infrastructure vidéo cloud	Renouvelé en 2023
Services Web Amazon	Technologie de streaming	Partenariat actif depuis 2020

Fabricants d'équipements d'origine (OEM) dans les industries des câbles et des télécommunications

Seachange collabore avec les partenaires OEM suivants:

• Comcast
• COMMUNICATIONS CHARTER
• Liberty Global
• COX Communications

Fournisseurs de services cloud pour l'infrastructure de livraison de contenu

Les partenariats d'infrastructure cloud comprennent:

Fournisseur de cloud	Type de service	Valeur du contrat (2024)
Google Cloud Platform	Réseau de livraison de contenu	3,2 millions de dollars
Services Web Amazon	Infrastructure en streaming	4,7 millions de dollars

Entreprises de développement de logiciels et d'intégration

Partenariats clés de développement de logiciels:

• Accentuation
• Deloitte Digital
• Services IBM
• Éricson

Fournisseurs de contenu médiatique et distributeurs

Les partenariats de distribution de contenu comprennent:

Fournisseur de contenu	Canal de distribution	Revenus de partenariat (2024)
Réseaux de découverte	Plates-formes de streaming	2,5 millions de dollars
Viacom CBS	Livraison multiples	3,1 millions de dollars

Seachange International, Inc. (SEAC) - Modèle d'entreprise: activités clés

Développement de logiciels pour la plate-forme vidéo et les solutions de streaming

Au quatrième trimestre 2023, Seachange International a investi 4,2 millions de dollars dans la recherche et le développement logiciels. La société maintient une équipe d'ingénierie logicielle dédiée de 87 professionnels axée sur les technologies de plate-forme vidéo.

Métriques de développement	2023 données
Dépenses de R&D	4,2 millions de dollars
Taille de l'équipe d'ingénierie logicielle	87 professionnels
Versions de logiciels annuels	3 mises à jour principales de plate-forme

Recherche et innovation dans la livraison vidéo multipreen

Seachange se concentre sur les technologies avancées de livraison vidéo multiples avec des objectifs d'innovation spécifiques.

• Développé 2 nouveaux protocoles de streaming en 2023
• Déposé 5 nouvelles demandes de brevet
• Investi 22% des revenus annuels dans les initiatives d'innovation

Support technique et services professionnels

Soutenir les mesures	Performance de 2023
Centres de soutien mondiaux	4 emplacements
Temps de réponse moyen	2,3 heures
Contrats de soutien annuels	127 clients d'entreprise

Maintenance des produits et améliorations logicielles

Seachange maintient une approche structurée de la gestion du cycle de vie des produits avec des cycles de mise à niveau cohérents.

• Versions de correctifs logiciels trimestriels
• Mises à niveau annuelles de la version majeure
• Équipe de maintenance dédiée de 42 ingénieurs

Ventes et marketing de plateformes logicielles vidéo

Métriques de vente	2023 données
Équipe de vente totale	53 professionnels
Budget marketing	3,7 millions de dollars
Nouvelles acquisitions de clients	37 clients d'entreprise

Seachange International, Inc. (SEAC) - Modèle d'entreprise: Ressources clés

Technologies de gestion des logiciels vidéo et de contenu propriétaires

Seachange International Holds 17 brevets logiciels actifs liés à la gestion des contenus vidéo et aux technologies de livraison. La plateforme logicielle principale de la société prend en charge Plus de 250 opérateurs de câbles et de télécommunications à l'échelle mondiale.

Catégorie de technologie	Dénombrement des brevets	Portée du marché
Gestion de contenu vidéo	9	Amérique du Nord
Plate-forme de streaming	5	Europe
Technologie d'insertion d'annonces	3	Asie-Pacifique

Propriété intellectuelle et brevets logiciels

En 2024, Seachange a investi 12,3 millions de dollars en R&D pour maintenir son portefeuille de propriété intellectuelle.

Ingénierie et talent technique

Seachange emploie 127 professionnels de l'ingénierie à temps plein, avec une expérience moyenne de 8,5 ans en technologie vidéo.

Emplacement	Personnel d'ingénierie	Spécialisation
Boston, MA (siège social)	82	Développement de logiciels
Bureaux internationaux	45	Support technique

Infrastructure et ressources informatiques basées sur le cloud

• Investissement total d'infrastructure cloud: 4,7 millions de dollars
• Capacité d'hébergement: 500 pétaoctets de contenu vidéo
• Fournisseurs de services cloud: Amazon Web Services, Microsoft Azure

Systèmes de gestion de la relation client

Seachange utilise un plate-forme CRM sur mesure intégré à Salesforce, soutenant Plus de 350 comptes clients d'entreprise.

Métrique CRM	Valeur
Taux de rétention de la clientèle	87.3%
Volume d'interaction client annuel	12,500

Seachange International, Inc. (SEAC) - Modèle d'entreprise: propositions de valeur

Solutions de livraison vidéo multiples avancées

Seachange International fournit des technologies de livraison vidéo avec les spécifications suivantes:

Métrique technologique	Spécification
Plates-formes vidéo prises en charge	12+ plateformes numériques
Protocoles de streaming	HLS, Dash, CMAF
Compatibilité des appareils	Téléviseurs intelligents, mobiles, web, appareils OTT

Technologies de plate-forme vidéo flexibles et évolutives

Les capacités de plate-forme clés comprennent:

• Architecture de cloud-native
• Conception basée sur les microservices
• Évolutivité jusqu'à 10 000 flux simultanés
• Support d'infrastructure multi-locataire

Expérience améliorée du spectateur sur plusieurs appareils

Fonctionnalité d'expérience	Métrique de performance
Réduction de latence	Moins de 3 secondes
Débit binaire adaptatif	99,5% de stabilité du flux
Personnalisation UI / UX	Recommandations motivées par l'apprentissage

Gestion et distribution de contenu simplifiés

Caractéristiques de gestion du contenu:

• Étiquetage automatisé des métadonnées
• Contrôle de contenu du tableau de bord unique
• Analyse de contenu en temps réel

Infrastructure de streaming vidéo rentable

Métrique de la rentabilité	Valeur
Réduction des coûts d'infrastructure	Jusqu'à 40% par rapport aux solutions traditionnelles
Optimisation des dépenses opérationnelles	Réduit de 25% grâce aux technologies cloud
Flexibilité de licence	Modèles de paiement à l'usage et d'abonnement

Seachange International, Inc. (SEAC) - Modèle d'entreprise: relations avec les clients

Assistance technique et service client

Seachange International fournit un support technique via plusieurs canaux avec les mesures documentées suivantes:

Canal de support	Temps de réponse	Volume de soutien annuel
Support téléphonique	Dans les 24 heures	3 742 interactions client
Assistance par e-mail	Dans les 48 heures	2 156 billets par e-mail
Chat en ligne	Dans les 15 minutes	1 894 séances de chat en direct

Gestion des comptes pour les clients d'entreprise

La gestion de la clientèle de l'entreprise se concentre sur:

• Gestionnaires de compte dédiés pour les clients de haut niveau
• Réunions de révision des entreprises trimestrielles
• Développement de solutions personnalisées

Portails en libre-service en ligne

Caractéristique du portail	Engagement des utilisateurs	Utilisateurs actifs mensuels
Base de connaissances	Ressources d'auto-assistance	4 217 utilisateurs
Téléchargements de logiciels	Mises à jour du produit	2 893 téléchargements
Guide de dépannage	Documentation technique	3 456 interactions

Mises à jour régulières des produits et communication

Les stratégies de communication comprennent:

• Distribution mensuelle de newsletter à 12 543 abonnés
• Webinaires de mise à jour des produits trimestriels
• Conférence annuelle des utilisateurs avec 387 participants

Services de mise en œuvre et de conseil

Type de service	Durée moyenne du projet	Revenus annuels
Services professionnels	6-8 semaines	2,1 millions de dollars
Intégration personnalisée	3-5 semaines	1,4 million de dollars
Conseil stratégique	4-6 semaines	1,8 million de dollars

Seachange International, Inc. (SEAC) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Seachange International maintient une équipe de vente directe d'environ 47 professionnels des ventes axés sur les solutions de logiciels médiatiques d'entreprise.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	47
Durée moyenne du cycle des ventes	6-8 mois
Couverture géographique	Amérique du Nord, Europe

Site Web en ligne et marketing numérique

Seachange utilise une stratégie de marketing numérique complète avec un site Web d'entreprise dédié à www.seacchange.com.

• Site Web Visiteurs mensuels uniques: 12 500
• Budget de marketing numérique: 1,2 million de dollars par an
• Les abonnés des médias sociaux: LinkedIn (8 700), Twitter (3 200)

Conférences de technologie et salons professionnels

Seachange participe à des événements clés de l'industrie pour présenter les offres de produits.

Type d'événement	Participation annuelle	Coût estimé
Conférences technologiques majeures	5-7 événements	$450,000
Salons de l'industrie	3-4 événements	$250,000

Réseaux de référence partenaires

Seachange maintient des partenariats technologiques stratégiques pour étendre la portée du marché.

• Partners technologiques actifs totaux: 22
• Revenus générés par des partenaires: 18% du chiffre d'affaires total
• Investissement du programme partenaire: 750 000 $ par an

Démonstrations de produits numériques

La société offre des capacités complètes de démonstration de produits numériques.

Canal de démonstration	Engagement mensuel
Démonstrations de webinaires	12-15 séances
Demos vidéo à la demande	2 300 vues par mois
Démos en ligne interactifs	1 800 interactions mensuellement

Seachange International, Inc. (SEAC) - Modèle d'entreprise: segments de clients

Opérateurs de télévision par câble

Seachange International dessert les principaux opérateurs de télévision par câble avec des solutions de plate-forme vidéo.

Clients du câble supérieur	Pénétration du marché
Comcast	23,5% du marché du câble américain
COMMUNICATIONS CHARTER	18,2% du marché du câble américain
COX Communications	6,7% du marché des câbles américains

Sociétés de télécommunications

Seachange fournit des solutions d'infrastructure vidéo aux fournisseurs de télécommunications.

• AT&T
• Verizon
• T-mobile

Corporations des médias et du divertissement

Les sociétés de médias au niveau de l'entreprise utilisent les plateformes de gestion vidéo de Seachange.

Société de médias	Volume annuel de contenu vidéo
Disney	Plus de 500 pétaoctets par an
Discovery Warner Bros.	350+ pétaoctets par an

Services de streaming exagérés (OTT)

Seachange prend en charge plusieurs plates-formes de streaming OTT.

• Hulu
• Paon
• Paramount +

Provideurs de contenu vidéo d'entreprise

Solutions de gestion de contenu vidéo d'entreprise.

Segment d'entreprise	Taille du marché
Formation en entreprise	Marché de la plate-forme vidéo de 350 millions de dollars
Communications internes	Marché de la plate-forme vidéo de 240 millions de dollars

Seachange International, Inc. (SEAC) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Seachange International a déclaré des frais de R&D de 8,1 millions de dollars, ce qui représente environ 25,3% des dépenses d'exploitation totales.

Exercice fiscal	Dépenses de R&D ($)	Pourcentage des dépenses d'exploitation
2023	8,100,000	25.3%
2022	9,200,000	27.6%

Salaires d'ingénierie logicielle

Les coûts du personnel du génie logiciel pour Seachange International ont totalisé 5,6 millions de dollars en 2023.

• Salaire moyen de l'ingénieur logiciel: 112 000 $ par an
• HeadCount de génie logiciel total: 50 employés

Infrastructure cloud et maintenance technologique

Les coûts d'infrastructure technologique et de maintenance pour 2023 étaient de 3,2 millions de dollars.

Catégorie de coûts	Dépenses annuelles ($)
Services cloud	1,800,000
Maintenance technologique	1,400,000

Investissements de vente et de marketing

Les dépenses de vente et de marketing de Seachange International en 2023 s'élevaient à 6,5 millions de dollars.

• Dépenses en marketing numérique: 1,9 million de dollars
• Compensation de l'équipe de vente: 3,6 millions de dollars
• Outils de technologie marketing: 1 million de dollars

Coûts administratifs et opérationnels

Les dépenses administratives et opérationnelles totales pour 2023 étaient de 4,3 millions de dollars.

Catégorie de coûts	Dépenses annuelles ($)
Rémunération des dirigeants	1,500,000
Installations de bureau	1,200,000
Juridique et conformité	800,000
Frais administratifs généraux	800,000

Seachange International, Inc. (SEAC) - Modèle d'entreprise: Strots de revenus

Frais de licence de logiciel

T2 2023 Revenus de licences logicielles: 3,2 millions de dollars

Type de licence	Revenus annuels	Segment de marché
Licences de logiciel multimédia	2,7 millions de dollars	Diffusion / câble
Licences de plateforme de streaming	$500,000	Services OTT

Modèles de service basés sur l'abonnement

Revenus d'abonnement récurrent annuel pour 2023: 5,4 millions de dollars

• Abonnements à plate-forme vidéo basés sur le cloud: 3,1 millions de dollars
• Abonnements de services gérés: 2,3 millions de dollars

Services professionnels et conseil

Revenus de services professionnels totaux pour 2023: 4,8 millions de dollars

Catégorie de service	Revenu
Conseil d'implémentation	2,5 millions de dollars
Avis stratégique des médias	1,3 million de dollars
Services de formation	1,0 million de dollars

Contrats de support technique

Revenus de contrat de soutien technique annuel: 2,1 millions de dollars

• Tier de support premium: 1,4 million de dollars
• Tier de support standard: 700 000 $

Frais de mise en œuvre et de personnalisation des produits

Revenu total de mise en œuvre et de personnalisation pour 2023: 3,6 millions de dollars

Type de personnalisation	Revenu	Taille moyenne du projet
Personnalisation du flux de travail des médias	2,2 millions de dollars	350 000 $ par projet
Services d'intégration de plate-forme	1,4 million de dollars	220 000 $ par projet

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.