Seachange International, Inc. (SEAC): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia de vídeo digital, a Seachange International, Inc. (SEAC) surge como um jogador essencial, transformando como o conteúdo da mídia é entregue e experimentado em várias plataformas. Esta empresa inovadora criou meticulosamente um modelo de negócios que aborda os complexos desafios do streaming de vídeo moderno, oferecendo soluções de ponta que preenchem a lacuna entre provedores de conteúdo e consumidores. Ao alavancar as tecnologias avançadas de entrega de vídeo em várias vers e uma abordagem estratégica para o desenvolvimento de software, o Seachange se posicionou como um facilitador crítico de experiências de entretenimento digital contínuo em um mundo cada vez mais conectado.

Seachange International, Inc. (SEAC) - Modelo de negócios: Parcerias -chave

Parceiros de tecnologia estratégica em software de vídeo e plataformas de streaming

A partir de 2024, a Seachange International mantém parcerias estratégicas de tecnologia com as seguintes entidades -chave:

Parceiro	Foco em tecnologia	Duração da parceria
Sistemas Cisco	Integração da plataforma de vídeo	Em andamento desde 2019
Microsoft Azure	Infraestrutura de vídeo em nuvem	Renovado em 2023
Amazon Web Services	Tecnologia de streaming	Parceria ativa desde 2020

Fabricantes de equipamentos originais (OEMs) em indústrias de cabo e telecomunicações

O Seachange colabora com os seguintes parceiros OEM:

• Comcast
• Comunicações Charter
• Liberty Global
• Cox Communications

Provedores de serviços em nuvem para infraestrutura de entrega de conteúdo

As parcerias de infraestrutura em nuvem incluem:

Provedor de nuvem	Tipo de serviço	Valor do contrato (2024)
Plataforma do Google Cloud	Rede de entrega de conteúdo	US $ 3,2 milhões
Amazon Web Services	Infraestrutura de streaming	US $ 4,7 milhões

Empresas de desenvolvimento e integração de software

Principais parcerias de desenvolvimento de software:

• Accenture
• Deloitte Digital
• IBM Services
• Ericsson

Provedores de conteúdo de mídia e distribuidores

As parcerias de distribuição de conteúdo incluem:

Provedor de conteúdo	Canal de distribuição	Receita de parceria (2024)
Redes de descoberta	Plataformas de streaming	US $ 2,5 milhões
Viacom cbs	Entrega de várias tela	US $ 3,1 milhões

Seachange International, Inc. (SEAC) - Modelo de negócios: Atividades -chave

Desenvolvimento de software para plataforma de vídeo e soluções de streaming

A partir do quarto trimestre de 2023, a Seachange International investiu US $ 4,2 milhões em pesquisa e desenvolvimento de software. A empresa mantém uma equipe dedicada de engenharia de software de 87 profissionais focados em tecnologias de plataforma de vídeo.

Métricas de desenvolvimento	2023 dados
Despesas de P&D	US $ 4,2 milhões
Tamanho da equipe de engenharia de software	87 profissionais
Lançamentos anuais de software	3 atualizações principais da plataforma

Pesquisa e inovação em entrega de vídeo multscreen

O Seachange concentra -se em tecnologias avançadas de entrega de vídeo com várias vergões com metas de inovação específicas.

• Desenvolvido 2 novos protocolos de streaming em 2023
• Arquivou 5 novos pedidos de patente
• Investiu 22% da receita anual em iniciativas de inovação

Suporte técnico e serviços profissionais

Métricas de suporte	2023 desempenho
Centros de Suporte Global	4 locais
Tempo médio de resposta	2,3 horas
Contratos de apoio anual	127 clientes corporativos

Manutenção de produtos e atualizações de software

O Seachange mantém uma abordagem estruturada para o gerenciamento do ciclo de vida do produto, com ciclos de atualização consistentes.

• Lançamentos trimestrais de patches de software
• Atualizações anuais da versão principal
• Equipe de manutenção dedicada de 42 engenheiros

Vendas e marketing de plataformas de software de vídeo

Métricas de vendas	2023 dados
Equipe total de vendas	53 profissionais
Orçamento de marketing	US $ 3,7 milhões
Novas aquisições de clientes	37 clientes corporativos

Seachange International, Inc. (SEAC) - Modelo de negócios: Recursos -chave

Tecnologias proprietárias de software de vídeo e gerenciamento de conteúdo

A Seachange International detém 17 patentes de software ativas Relacionado ao gerenciamento de conteúdo de vídeo e tecnologias de entrega. A plataforma principal de software da empresa suporta Mais de 250 operadores de cabo e telecomunicações globalmente.

Categoria de tecnologia	Contagem de patentes	Alcance do mercado
Gerenciamento de conteúdo de vídeo	9	América do Norte
Plataforma de streaming	5	Europa
Tecnologia de inserção de anúncios	3	Ásia -Pacífico

Propriedade intelectual e patentes de software

A partir de 2024, Sachange investiu US $ 12,3 milhões em P&D Para manter seu portfólio de propriedade intelectual.

Engenharia e talento técnico

Seachange emprega 127 profissionais de engenharia em tempo integral, com uma experiência média de 8,5 anos em tecnologia de vídeo.

Localização	Equipe de engenharia	Especialização
Boston, MA (sede)	82	Desenvolvimento de software
Escritórios internacionais	45	Suporte técnico

Infraestrutura baseada em nuvem e recursos de computação

• Investimento total de infraestrutura em nuvem: US $ 4,7 milhões
• Capacidade de hospedagem: 500 petabytes de conteúdo de vídeo
• Provedores de serviços em nuvem: Amazon Web Services, Microsoft Azure

Sistemas de gerenciamento de relacionamento com clientes

O Seachange utiliza a Plataforma CRM personalizada integrado ao Salesforce, apoiando Mais de 350 contas de clientes corporativas.

Métrica de CRM	Valor
Taxa de retenção de clientes	87.3%
Volume anual de interação do cliente	12,500

Seachange International, Inc. (SEAC) - Modelo de negócios: proposições de valor

Soluções avançadas de entrega de vídeo em várias versões

A Seachange International fornece às tecnologias de entrega de vídeo as seguintes especificações:

Métrica de tecnologia	Especificação
Plataformas de vídeo suportadas	12+ plataformas digitais
Protocolos de streaming	HLS, Dash, CMAF
Compatibilidade do dispositivo	TVs inteligentes, dispositivos móveis, web, OTT

Tecnologias de plataforma de vídeo flexíveis e escaláveis

Os principais recursos da plataforma incluem:

• Arquitetura nativa em nuvem
• Design baseado em microsserviços
• Escalabilidade até 10.000 fluxos simultâneos
• Suporte de infraestrutura com vários inquilinos

Experiência aprimorada do visualizador em vários dispositivos

Recurso de experiência	Métrica de desempenho
Redução de latência	Abaixo de 3 segundos
Transmissão de bits adaptável	99,5% de estabilidade do fluxo
Personalização da UI/UX	Recomendações orientadas por aprendizado de máquina

Gerenciamento de conteúdo simplificado e distribuição

Recursos de gerenciamento de conteúdo:

• Marcação automatizada de metadados
• Controle de conteúdo de painel único
• Análise de conteúdo em tempo real

Infraestrutura de streaming de vídeo econômica

Métrica de eficiência de custos	Valor
Redução de custos de infraestrutura	Até 40% em comparação com soluções tradicionais
Otimização de despesas operacionais	Reduzido em 25% através de tecnologias em nuvem
Flexibilidade de licenciamento	Modelos de pagamento por uso e assinatura

Seachange International, Inc. (SEAC) - Modelo de Negócios: Relacionamentos do Cliente

Suporte técnico e atendimento ao cliente

A Seachange International fornece suporte técnico por meio de vários canais com as seguintes métricas documentadas:

Canal de suporte	Tempo de resposta	Volume de suporte anual
Suporte telefônico	Dentro de 24 horas	3.742 interações com os clientes
Suporte por e -mail	Dentro de 48 horas	2.156 ingressos por e -mail
Chat online	Dentro de 15 minutos	1.894 sessões de bate -papo ao vivo

Gerenciamento de contas para clientes corporativos

O gerenciamento do cliente corporativo se concentra:

• Gerentes de conta dedicados para clientes de primeira linha
• Reuniões trimestrais de revisão de negócios
• Desenvolvimento de solução personalizada

Portais de autoatendimento on-line

Recurso do portal	Engajamento do usuário	Usuários ativos mensais
Base de conhecimento	Recursos de auto-ajuda	4.217 usuários
Downloads de software	Atualizações do produto	2.893 Downloads
Guia de solução de problemas	Documentação técnica	3.456 interações

Atualizações regulares de produtos e comunicação

As estratégias de comunicação incluem:

• Distribuição mensal de boletins para 12.543 assinantes
• Webinars trimestrais de atualização de produtos
• Conferência anual do usuário com 387 participantes

Serviços de implementação e consultoria

Tipo de serviço	Duração média do projeto	Receita anual
Serviços profissionais	6-8 semanas	US $ 2,1 milhões
Integração personalizada	3-5 semanas	US $ 1,4 milhão
Consultoria estratégica	4-6 semanas	US $ 1,8 milhão

Seachange International, Inc. (SEAC) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a Seachange International mantém uma equipe de vendas direta de aproximadamente 47 profissionais de vendas focados em soluções de software de mídia corporativa.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	47
Comprimento médio do ciclo de vendas	6-8 meses
Cobertura geográfica	América do Norte, Europa

Site online e marketing digital

A Seachange utiliza uma estratégia de marketing digital abrangente com um site corporativo dedicado em www.seacchange.com.

• Site exclusivo visitantes mensais: 12.500
• Orçamento de marketing digital: US $ 1,2 milhão anualmente
• Seguidores de mídia social: LinkedIn (8.700), Twitter (3.200)

Conferências de tecnologia e feiras

O Seachange participa de eventos importantes do setor para mostrar as ofertas de produtos.

Tipo de evento	Participação anual	Custo estimado
Principais conferências de tecnologia	5-7 eventos	$450,000
Feiras de comércio da indústria	3-4 eventos	$250,000

Redes de referência de parceiros

O Sachange mantém parcerias de tecnologia estratégica para expandir o alcance do mercado.

• Total Active Technology Partners: 22
• Receita gerada por parceiro: 18% da receita total
• Programa de parceiro Investimento: US $ 750.000 anualmente

Demonstrações de produtos digitais

A empresa oferece recursos abrangentes de demonstração de produtos digitais.

Canal de demonstração	Engajamento mensal
Demonstrações de on -line	12-15 sessões
Demos de vídeo sob demanda	2.300 visualizações por mês
Demos online interativos	1.800 interações mensalmente

Seachange International, Inc. (SEAC) - Modelo de negócios: segmentos de clientes

Operadores de televisão a cabo

A Seachange International atende principais operadores de televisão a cabo com soluções de plataforma de vídeo.

Top Cable Operator Clients	Penetração de mercado
Comcast	23,5% do mercado de cabos dos EUA
Comunicações Charter	18,2% do mercado de cabos dos EUA
Cox Communications	6,7% do mercado de cabos dos EUA

Empresas de telecomunicações

O Sachange fornece soluções de infraestrutura de vídeo para os provedores de telecomunicações.

• AT&T
• Verizon
• T-Mobile

Empresas de mídia e entretenimento

As empresas de mídia em nível empresarial utilizam as plataformas de gerenciamento de vídeo da Seachange.

Corporação de mídia	Volume anual de conteúdo de vídeo
Disney	500 mais de petabytes anualmente
Warner Bros. Discovery	350 mais de petabytes anualmente

Serviços de streaming exagerados (OTT)

O Seachange suporta várias plataformas de streaming OTT.

• Hulu
• Pavão
• Paramount+

Provedores de conteúdo de vídeo corporativo

Soluções de gerenciamento de conteúdo de vídeo corporativo.

Segmento corporativo	Tamanho de mercado
Treinamento corporativo	Mercado de plataforma de vídeo de US $ 350 milhões
Comunicações internas	Mercado de plataforma de vídeo de US $ 240 milhões

Seachange International, Inc. (SEAC) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Seachange International registrou despesas de P&D de US $ 8,1 milhões, representando aproximadamente 25,3% do total de despesas operacionais.

Ano fiscal	Despesas de P&D ($)	Porcentagem de despesas operacionais
2023	8,100,000	25.3%
2022	9,200,000	27.6%

Salários de engenharia de software

Os custos do pessoal de engenharia de software para a International de Seachange totalizaram US $ 5,6 milhões em 2023.

• Salário médio de engenheiro de software: US $ 112.000 por ano
• Funcionário total de engenharia de software: 50 funcionários

Infraestrutura em nuvem e manutenção de tecnologia

Os custos de infraestrutura e manutenção de tecnologia para 2023 foram de US $ 3,2 milhões.

Categoria de custo	Despesa anual ($)
Serviços em nuvem	1,800,000
Manutenção de tecnologia	1,400,000

Investimentos de vendas e marketing

As despesas de vendas e marketing da Seachange International em 2023 totalizaram US $ 6,5 milhões.

• Gastes de marketing digital: US $ 1,9 milhão
• Compensação da equipe de vendas: US $ 3,6 milhões
• Ferramentas de tecnologia de marketing: US $ 1 milhão

Custos administrativos e operacionais

As despesas administrativas e operacionais totais para 2023 foram de US $ 4,3 milhões.

Categoria de custo	Despesa anual ($)
Compensação executiva	1,500,000
Instalações de escritório	1,200,000
Legal e conformidade	800,000
Despesas administrativas gerais	800,000

Seachange International, Inc. (SEAC) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de software

Q4 2023 Receita de licenciamento de software: US $ 3,2 milhões

Tipo de licença	Receita anual	Segmento de mercado
Licenças de software de mídia	US $ 2,7 milhões	Transmissão/cabo
Licenças de plataforma de streaming	$500,000	Serviços OTT

Modelos de serviço baseados em assinatura

Receita anual de assinatura recorrente para 2023: US $ 5,4 milhões

• Assinaturas de plataforma de vídeo baseadas em nuvem: US $ 3,1 milhões
• Assinaturas de serviços gerenciados: US $ 2,3 milhões

Serviços profissionais e consultoria

Receita total de serviços profissionais para 2023: US $ 4,8 milhões

Categoria de serviço	Receita
Consultoria de implementação	US $ 2,5 milhões
Conselho estratégico de mídia	US $ 1,3 milhão
Serviços de treinamento	US $ 1,0 milhão

Contratos de suporte técnico

Receita anual do contrato de apoio técnico: US $ 2,1 milhões

• Nível de suporte premium: US $ 1,4 milhão
• Nível de suporte padrão: US $ 700.000

Tobros de implementação e personalização do produto

Receita total de implementação e personalização para 2023: US $ 3,6 milhões

Tipo de personalização	Receita	Tamanho médio do projeto
Personalização do fluxo de trabalho de mídia	US $ 2,2 milhões	US $ 350.000 por projeto
Serviços de integração de plataforma	US $ 1,4 milhão	US $ 220.000 por projeto

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.