SeaChange International, Inc. (SEAC): Business Model Canvas [Dec-2025 Updated]

You're looking at the Business Model Canvas for what used to be SeaChange International, Inc., now Tiber Ventures, Inc., and the transformation is stark: this is no longer a video software business; it's a pure-play cash shell following the sale of its core assets to Enghouse. As an analyst, I see a clean slate focused entirely on shareholder value, underpinned by roughly $31.21 million in equity as of 2025 and a mandate to deploy that capital, evidenced by their recent move to repurchase up to $6.16 million of stock. Forget product roadmaps; this model is about M&A sourcing, managing compliance, and maximizing those substantial tax assets-so dig into the details below to see exactly how this asset-light vehicle is structured to generate returns for you now.

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

The Key Partnerships structure for SeaChange International, Inc. (SEAC) as of late 2025 is heavily influenced by the asset sale of its core video business in early 2024.

Investment banks and financial advisors for M&A sourcing

The most significant recent M&A activity involved the sale of substantially all assets related to the IPTV products and services business to Enghouse Systems Limited. Needham & Company, LLC served as the exclusive financial advisor for SeaChange International, Inc. in that transaction.

Legal and accounting firms for public company compliance and due diligence

K&L Gates LLP served as legal counsel to SeaChange International, Inc. for the Enghouse transaction. Specific retained firms for ongoing late 2025 public company compliance are not publicly detailed following the asset sale.

The broader accounting sector in 2025 saw significant M&A velocity, with projections that by the end of 2025, more than 50% of the largest 30 U.S. accounting firms will have sold an ownership stake to private equity investors, up from 0% in 2020.

Potential acquisition targets seeking a public listing (reverse merger)

No specific, current (late 2025) targets seeking a reverse merger with the remaining SeaChange International, Inc. entity are publicly documented.

Georgeson LLC and Computershare for tender offer/shareholder services

Georgeson LLC, a brand under Computershare, provides shareholder services. Georgeson published its 2025 Early Proxy Season Review analyzing Russell 3000 companies.

• Successful 'no action' relief grants in early 2025 proxy season rose by 40% compared to the full 2024 season.
• 23% (197) of all proposals in early 2025 proxy season received 'no action' relief, up from a proportional 14% (141) in the full 2024 season.
• Shareholder proposal submissions in early 2025 were 852, a reduction from 1,000 in the full 2024 season.
• In 2024, Computershare managed 1,156 meetings for clients.
• Of Computershare client meetings in 2024, 71% were in-person, 27% were virtual, and 2% were hybrid.
• In 2024, digital voting methods (Internet at 48% plus Phone at 8%) surpassed paper proxy votes at 44% for the first time.

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

You're looking at the Key Activities for SeaChange International, Inc. (SEAC) as of late 2025. Given the substantial asset sale concluded in early May 2024, the focus has definitely shifted from video delivery operations to managing the resulting financial structure, which now trades under the name Tiber Ventures, Inc. (fka SeaChange International, Inc.) on the OTC market.

The core activities now revolve around the balance sheet left over from that transaction and the compliance required to maintain the public shell.

Key Activities

The primary Key Activities for the entity formerly known as SeaChange International, Inc. center on preserving and deploying capital and managing the public company status.

• Identifying and evaluating new operating businesses for acquisition
• Managing the retained cash and investment portfolio
• Maintaining public company compliance (OTC: SEAC) and reporting
• Protecting and utilizing significant tax assets (NOLs)
• Executing capital allocation strategies like share repurchases

Here's a quick look at the key financial figures that underpin these activities, based on the latest available data points:

Identifying and evaluating new operating businesses for acquisition

This activity is paramount for a shell company holding significant cash from an asset sale. The goal is to deploy that capital into a new operating business to create shareholder value, essentially a reverse merger or acquisition strategy. While specific 2025 acquisition targets aren't public, the activity itself is driven by the capital base.

Managing the retained cash and investment portfolio

The entity is now primarily a holder of the net proceeds from the sale of its product and services business to Enghouse Systems Limited's affiliate. Managing this cash effectively, while keeping it liquid enough for a future acquisition, is a critical day-to-day function. The current market valuation compared to the expected cash proceeds from the sale suggests the market is valuing the remaining entity at a significant discount or is factoring in the time/risk to deploy the capital.

Maintaining public company compliance (OTC: SEAC) and reporting

Remaining a public entity, even on the Over-The-Counter (OTC) market, requires adherence to specific reporting standards. This involves filing necessary documentation to maintain its listing status, which is essential for any future capital transaction. The stock trades under the ticker SEAC.

Protecting and utilizing significant tax assets (NOLs)

The Net Operating Losses (NOLs) are a major asset for a company that has recently sold its operating business but retains a public listing. These NOLs can shelter future taxable income generated by a newly acquired business. The company took formal steps to protect these assets, adopting a Tax Benefits Preservation Plan in August 2023. The reported value of these United States federal NOLs was approximately $131 million as of January 31, 2023.

Executing capital allocation strategies like share repurchases

With a market capitalization of only $8.4M as of November 22, 2025, and having received net proceeds potentially in the $21 million to $23 million range from the 2024 sale, capital allocation is key. Share repurchases are a standard tool to manage the share price relative to the underlying asset value, especially when the market cap is significantly lower than the cash on hand, though no specific 2025 repurchase amounts are immediately available.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets SeaChange International, Inc. (SEAC) has left to work with as of late 2025, which is a very lean setup following significant corporate activity. Honestly, the key resources now are less about physical assets and more about financial cushions and structural remnants. This is the foundation you have to build any future strategy upon.

The most immediate, tangible resource is the cash position, which you need to track like a hawk. Following the asset sale, the company is left with cash and cash equivalents of approximately $38-39 million post-sale. This figure represents the primary operating liquidity available for whatever comes next, whether that's winding down or pivoting.

Also critical, and often overlooked until it's needed, are the tax assets. SeaChange International, Inc. holds substantial United States federal Net Operating Losses (NOLs) of approximately $131 million as of January 2023. This is a significant deferred tax asset that can shelter future taxable income, but its utility depends entirely on generating that income and navigating Section 382 ownership change rules.

The structure itself is a resource, albeit a passive one. You have the public company listing on the OTC market under the ticker SEAC. This provides a mechanism for capital access or exit, though liquidity and valuation are often constrained there. For context on the current market valuation, as of December 2, 2025, the market capitalization stood at $14.00 million, with 2.29 million shares outstanding.

Here's a quick look at the core financial and structural resources:

Finally, the operational footprint is minimal. The team size, which includes the executive and legal functions, is described as minimal remaining. To give you a sense of the current scale, the reported employee count was 108. This small team size is a direct consequence of the asset sale, meaning the remaining key resource is the ability of this lean group to manage the retained assets and any residual business lines effectively.

You should definitely review the covenants tied to the NOLs; if onboarding takes 14+ days, churn risk rises, but here, a change in control could immediately jeopardize that $131 million asset. Finance: draft 13-week cash view by Friday.

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:

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:

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.

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..

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:

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:

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:

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.