Producer Mark Kassen is expanding his production company Like Minded Entertainment into technology startups by acquiring the Canadian tech firm Vantrix Technology., attends the Toronto Film Festival, will allow the launch of the content and technology division Like Minded Media Ventures and the technology incubator Like Minded Labs.
Terms of the acquisition deal by Los Angeles-based Like Minded Entertainment were not disclosed, but it's understood the target company cost about $70 million. Vantrix is a global supplier of media distribution technology to telcoms like AT&T, Sprint, Bell Canada, O2 and Vodaphone as the Montreal-based company offers proprietary media and camera technology to wireless service providers and media distributors.
“Formally bringing Vantrix into the Like Minded family joins together some of the best minds in filmmaking, engineering and technology, allowing us to serve as a bridge to these industries and give our fellow storytellers the same level of tools and technology as the largest telecom, OTT and media companies in the world," said Kassen in a statement.
Jean Mayrand will continue as CEO of Vantrix. "We are all excited to now utilize our partnership with Mark and his LME team to empower both the content creators and users directly," Mayrand said in his own statement.