KIT digital, Inc. executed a definitive agreement to acquire Sinigapore-based Benchmark Broadcast Systems Pte. Ltd. The deal gives KIT digital all of Benchmark's shares in exchange for a total of $4.5 million in cash and $5.0 million in KIT digital common stock given directly to the company, as well as approximately $1.1 million paid to employees over two years. The transaction also includes corporate performance-based contingent considerations at the first and second anniversary of the transaction.
Benchmark, a privately-held video asset management provider and broadcast video systems integrator, employs more than 100 total staff spread over six regional offices in four Asian countries.