Short video app Triller is going public through a reverse merger with video tech company SeaChange International, the two companies announced on Wednesday. The combined entity will be valued at approximately $5 billion. The boards of directors of both companies have approved the proposed merger and the deal is expected to close in the first quarter of 2022, subject to regulatory and shareholder approval.
Like TikTok, Triller allows users to create and share short videos set to music. The Los Angeles-based company was first launched in 2015 and the app has been downloaded more than 250 million times. Triller has attracted many notable users such as Justin Bieber, Marshmello, The Weeknd, Alicia Keys, Cardi B, Eminem, Post Malone, and Kevin Hart. The app has also made deals with popular TikTok users, such as Charli D’Amelio and Noah Beck. Former US President Donald Trump also used the app, although he has not posted a new video on the platform since January.
Upon completion of the merger, SeaChange will change its name to TrillerVerz Corp. The Acton, Massachusetts-based company describes itself as a provider of video delivery software solutions that power cloud and on-premise video delivery platforms. The combined company will be led by Mahi de Silva, the CEO of Triller’s parent company. Peter Aquino, the president and CEO of SeaChange, will join the TrillerVerz team.
“We believe TrillerVerz will become the voice of youth culture, a brand that sits at the intersection of content, creator, commerce and culture in the digital world,” de Silva said in a statement. “Our strategy is to continue to build the world’s largest stage for creators to distribute and monetize viral and engaging content with experiences that elevate culture. We believe the combination with SeaChange will accelerate our advertising and marketing capabilities by expanding our reach into cable, satellite and OTT media.”
The two companies say TrillerVerz is positioned to become a leading AI-powered social media platform for content, creators and commerce. TrillerVerz plans to expand its revenue streams by increasing its global footprint and investing in new growth opportunities in the creative economy and emerging technologies.
“The business combination with TrillerVerz presents a great opportunity to invest in the future of creativity,” said Peter Aquino, CEO of SeaChange, in a statement. “We believe that TrillerVerz’s unparalleled social media reach, Gen Z’s engagement and ability to meaningfully extend its global multi-platform presence across content, commerce, creators and leading the way in e commerce, adtech and NFTs, including the metaverse, is an attractive investment with the potential to create significant value.”
The news of the merger comes as Trill and its parent company expanded its social video platform over the past year. Last month, Triller acquired Thuzio, a company focused on business-to-business premium influencer events and experiences.
In April, Triller acquired AI-based customer engagement platform Amplify.AI, which works with brands in CPG, financial services, automotive, telecom, politics and digital media, among others. In the same month, Triller also acquired FITE TV, a martial arts live event and pay-per-view streaming platform. In March, Triller acquired the live music streaming platform Verzuz, founded by Swizz Beats and Timbaland.