SeaChange International, Inc. (SEAC): BCG Matrix [Dec-2025 Updated]

You're looking at SeaChange International, Inc. (SEAC) not as a software vendor anymore, but as a shell company holding $21 million to $23 million in cash-its new, stable Cash Cow-after ditching a legacy business that was clearly a Dog, posting a $21.8 million net loss in FY2024. Frankly, the entire post-sale entity is now a high-stakes Question Mark, entirely dependent on management finding a compelling acquisition to create a future Star. It's a clean slate, but the clock is ticking; let's break down where every dollar and every strategic move lands on the BCG Matrix below.

Background of SeaChange International, Inc. (SEAC)

You're looking at the history of a company that has undergone a massive transformation, so we need to frame this right. SeaChange International, Inc. historically operated as a provider of video delivery, advertising, streaming platforms, and emerging Free Ad-Supported Streaming TV (FAST) services globally. Its software was designed to help service providers, telecommunications companies, satellite operators, and broadcasters manage, license, and distribute their video and advertising content effectively. The company was founded in 1993 and was headquartered in Boston, MA, operating within the Media and Information Services (B2B) industry.

The most critical piece of background for understanding SeaChange International, Inc. (SEAC) as of late 2025 is the major corporate restructuring that occurred in 2024. In April 2024, SeaChange announced an agreement to sell substantially all of its assets related to its product and services business to an affiliate of Enghouse Systems Limited for a total purchase price of $39 million. This transaction was expected to result in net proceeds to SeaChange of between $21 to $23 million upon closing, which was anticipated in early May 2024. Following this asset sale, the entity trading under the ticker SEAC became Tiber Ventures, Inc. (fka SeaChange International, Inc.), trading on the OTC market.

Honestly, the current entity is a shell of its former self, focused on winding down or managing remaining corporate affairs, as evidenced by the tender offer activity in July 2024 by Tiber Ventures, Inc. to repurchase shares. For context on its recent market presence, as of the close on Wednesday, December 3rd, 2025, the stock price for OTC: SEAC was $3.35. This price sits near its 52-week low of $3.01, with the 52-week high recorded at $7.83. The market capitalization as of early 2025 was listed around $14.00M, reflecting the reduced scope of the remaining corporate entity.

SeaChange International, Inc. (SEAC) - BCG Matrix: Stars

The Boston Consulting Group Matrix framework positions a business unit or product as a Star when it possesses a high relative market share within a market experiencing high growth. Stars require significant investment to maintain their leading position and fund their rapid expansion, often resulting in cash flow that is near break-even.

For SeaChange International, Inc., the current portfolio does not contain any operating product that fits the Star classification based on available 2025 data.

The company has no current operating product in a high-growth market with high relative market share. The financial performance of the existing segments indicates contraction rather than high-growth leadership.

The legacy revenue streams show significant year-over-year declines in the most recently reported full fiscal year, 2024. The total revenue for fiscal year 2024 was $21.4 million, representing a revenue decrease of 34.6% compared to fiscal year 2023's $32.7 million.

This category is a placeholder for a future, yet-to-be-identified acquisition or merger target. The current valuation metrics reflect a company in transition, not one leading a high-growth segment.

The only Star potential is the strategic pivot into a new, high-growth sector following a reverse merger. Success here hinges entirely on the new management team's ability to find a defintely compelling private company to acquire.

The financial structure as of December 2, 2025, shows a market capitalization of $14.00 million and a stock price of $3.51. The company maintains a low leverage profile, with a Debt / Equity ratio of 0.04.

The following table details the revenue breakdown from the fiscal year 2024 results, illustrating the composition of the current, non-Star portfolio:

The operational results for fiscal year 2024 reflect significant losses, which is inconsistent with the cash-consuming nature of a true Star, which typically generates near break-even cash flow due to high investment needs.

Key profitability and efficiency metrics as of December 2, 2025, further underscore the lack of a current Star product:

• Gross margin: 65.50%
• Operating margin: 1.14%
• Profit margin: -27.84%
• Net Loss (FY 2024): $21.8 million
• Employee Count: 108

The company's asset base and operational scale as of late 2025 are small, with total assets reported at $41.4 million as of January 31, 2024. The Asset Turnover ratio was 0.71 as of December 2, 2025.

The required investment for a Star is typically high, but the current financial reality points to a need for capital infusion or a strategic shift, aligning with the placeholder status.

• Shares Outstanding (Dec 2, 2025): 2.29 million
• Price to Sales (P/S) Ratio (Dec 2, 2025): 0.43
• Return on Equity (ROE): -26.07%

SeaChange International, Inc. (SEAC) - BCG Matrix: Cash Cows

You're looking at the core liquidity SeaChange International, Inc. (SEAC) retained after reshaping its business, which functions as the primary 'Cash Cow' asset in the current structure.

The primary 'asset' you need to focus on here is the net cash proceeds from the May 2024 asset sale to Enghouse Systems. This transaction effectively isolated the company's most stable, non-operational value source.

Net proceeds were estimated to be between $21 million and $23 million, which is the company's main source of value now that the product and services business has been divested. Honestly, this cash reserve is the definition of a low-growth, high-share asset in this context, as it represents 100% of the value of the new, leaner entity's stable foundation.

This cash reserve provides the liquidity for future strategic moves or shareholder returns, such as the tender offer you've likely seen mentioned. The remaining entity's operations, as of the last twelve months ending near the end of 2025, show total revenue of $32.76 million and an operating cash flow of $-698,000, which suggests the retained cash is critical to cover operational deficits.

The cash balance is a low-growth asset, but it's the only high-share (100% of the new entity's value) stable generator of interest income. Here's what that cash position means for your analysis:

• Provides liquidity for strategic moves.
• Funds potential shareholder returns.
• Covers administrative costs.
• Maintains a Current Ratio of 3.63.
• Maintains a Quick Ratio of 3.33.

The company's Debt / Equity ratio stands at a low 0.04, which is a direct benefit of retaining the cash from the sale and having minimal debt load. Finance: draft 13-week cash view by Friday.

SeaChange International, Inc. (SEAC) - BCG Matrix: Dogs

You're analyzing the portfolio before the major asset sale, and the legacy video delivery software and professional services segment clearly fit the Dog quadrant. This business unit operated in a mature, low-growth market and held a diminishing market share, which is why management pursued the divestiture. Honestly, expensive turn-around plans for this type of unit rarely pay off; the data here suggests the best action was to exit.

The financial performance of this pre-sale operating business in fiscal year 2024 provides stark evidence of its Dog status. The unit was a significant cash drain, evidenced by the $21.8 million net loss reported for the company in that fiscal year, which largely stemmed from this divested operation. The core issue was the lack of top-line momentum, confirming its low-growth, low-share position.

The old business saw a 34.6% revenue decrease in FY2024 compared to the prior year's $32.7 million total revenue. To be fair, the segment comprising software licenses, support and maintenance, and professional services was hit hardest, dropping to $9.0 million from $20.3 million the year before. This confirms the low-growth, low-share position that defines a Dog; the market wasn't expanding, and SeaChange International, Inc. was losing ground within it.

The subsequent status of the stock itself reflects the final stage of managing a Dog-divestiture and becoming a shell entity. You can see this reflected in the market data for the entity now trading as Tiber Ventures, Inc. (formerly SeaChange International, Inc.):

• Trading on the OTC Markets exchange.
• Market capitalization reported as low as $15.76 M or $308.04M depending on the source.
• Stock volatility measured at 87.69%.
• The 52-week low for the stock was $0.3424.
• The entity reports having no products or services offered for sale and no revenue.

Finance: draft 13-week cash view by Friday.

SeaChange International, Inc. (SEAC) - BCG Matrix: Question Marks

You're looking at a shell entity right now, Tiber Ventures, Inc. (fka SeaChange International, Inc.), and in the BCG framework, this entire structure fits squarely into the Question Marks quadrant. It's a high-growth market-the Special Purpose Acquisition Company (SPAC) or reverse merger space-but the current entity has virtually no market share in that new arena, consuming cash while it searches for its next move.

The foundation of this Question Mark status is the capital structure left after the core business was sold. The expected net proceeds from the Enghouse asset sale, which closed around May 2024, provided the necessary fuel for this next phase. Here are the key financial markers defining this position:

That cash hoard, while significant for a former software company, is a low-share asset when viewed against the vast universe of potential acquisition targets in the M&A market. The growth potential, however, is high-if you can successfully execute a merger. This is where the risk/reward profile of a Question Mark really shows itself.

The announced modified Dutch auction tender offer for up to $6.16 million of common stock was a clear capital allocation decision with an uncertain return. You are essentially using cash to buy back a piece of the existing, non-operating entity, which is a gamble on the eventual success of the new venture. If onboarding takes 14+ days, churn risk rises, but here, the risk is that the cash is spent without securing the right merger partner.

The strategic goal is crystal clear: find a new operating business to merge with. This is the classic high-risk, high-reward proposition for a post-transaction entity like Tiber Ventures, Inc. You are betting the remaining capital on finding a high-growth target that hasn't yet achieved dominant market share, hoping to transform the entity.

The company's future depends entirely on a successful reverse merger, which is the textbook definition of a Question Mark scenario for a listed entity. You need to deploy that cash into a market segment with high growth prospects to quickly build market share, or you risk the entity becoming a Dog once the cash is spent or the opportunity window closes. You need to move fast.

• The entire entity, Tiber Ventures, Inc., is positioned as a Question Mark.
• The cash position is the primary resource for the next venture.
• The tender offer was a capital deployment with an uncertain outcome.
• The core strategy hinges on a successful reverse merger.
• Success means transitioning to a Star; failure means becoming a Dog.

Finance: draft 13-week cash view by Friday.