MUMBAI: Intelligent file transfer software company Signiant has got a shot in the arm with technology-focused investment firm Battery Ventures investing a sizeable sum in it. (Signiant called it “ a majority growth investment” though terms were not disclosed as the firm is private.).
Signiant’s innovative technology allows large media files—from movies and TV shows to sports and news content—to move through the media supply chain quickly and securely, regardless of where the files are stored. The core technology is becoming more critical as media companies increasingly produce rich, effects-laden content for distribution across a range of online streaming platforms, often involving creators and vendors in multiple locations. From its key position at the foundation of the media tech stack, the company is now expanding the functionality of the file transfer SaaS platform into adjacent media services.
Signiant’s flagship products are used by some of the world’s largest media and entertainment companies in sectors such as post production, professional sports, gaming, and broadcast/cable TV. Customers include large companies such as NBCU, Warner Bro Discovery, Ubisoft and the National Hockey League, as well as many smaller companies throughout the global media ecosystem.
“We are thrilled to partner with Battery, a firm with a long history of scaling enterprise SaaS businesses, to begin writing the next chapter of the Signiant story,” said Signiant chief executive Margaret Craig. “Both the company and the media industry are at inflection points. We feel our solutions are uniquely suited to meet the current moment in media and entertainment, which demands the type of efficiency and fast time-to-value that only a modern multi-tenant SaaS platform can deliver.”
Signiant will use the investment from Battery to fund product development and go-to-market activities, as well as potential future acquisitions in the media technology space. The company previously completed two add-on acquisitions which expanded Signiant’s product footprint. The company remains committed to pursuing future acquisitions to better serve its customers.
“As the production of media content becomes more specialised and complex, owing to advancements in video and sound quality, and fancy visual effects, it means media files have gotten larger and more difficult to move around and track,” noted Battery Partner Dave Tabors. “In our view, Signiant has cracked the code on how to tackle this problem, building a robust SaaS business to facilitate the transfer of these files in a secure way. And we see the opportunity to grow the company’s market even more.”
Added Roland Anderson, a Battery principal: “Signiant’s solutions, including its Media Shuttle product—which uses a proprietary protocol to move files over any IP network, between both public cloud and on-premises storage locations–are high-quality and extremely sticky among its customers. We’re excited to work with the company to fuel further growth, both organic and through potential acquisitions.” Both Tabors and Anderson are joining Signiant’s board.
Pharus served as exclusive advisor to Signiant on the transaction and Mintz Levin acted as counsel to the company.
