This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ballantyne Strong Announces Acquisition Of Convergent Media Systems

Ballantyne Strong, Inc. (NYSE MKT: BTN), a provider of digital equipment, screens and managed services as well as specialty lighting equipment, today announced the acquisition of Convergent Corporation and its wholly owned subsidiary, Convergent Media Systems, a leading player in digital signage and content creation and distribution systems. Convergent Corporation was a subsidiary of Sony Electronics Inc.

Founded in 1980, Convergent Media Systems manages digital solutions for customers that span over 95,000 displays spread across over 22,000 locations, which are seen by more than 10 million people per day. Convergent Media Systems has long-standing customer relationships with companies such as Kroger, Safeway, and Best Buy Canada. Bryan Allen will continue to manage the Convergent Media Systems team.

The combination of Ballantyne Strong and Convergent Media Systems will create one of the largest and best capitalized companies providing digital technologies for out-of-home messaging, advertising and communication (the Digital Out-of-Home or DOOH market) and Enterprise Video Solutions (EVS), which provides enterprises with the infrastructure necessary for communication, collaboration, training and education of employees. In aggregate, the domestic DOOH and EVS markets are estimated to be more than $4.0 billion annually.

“This is a transformative acquisition that extends Ballantyne’s core expertise into adjacent markets experiencing strong growth,” said Gary L. Cavey, President and CEO of Ballantyne Strong. “Industry analysts expect the DOOH and EVS markets to grow at compounded annual rates of 26% and 16%, respectively, through 2015. With these markets being highly fragmented, there is a clear opportunity for Ballantyne to capture market share with a unique end-to-end, single source solution covering design and development of customer solutions, system integration, software, hardware, content creation and distribution, network monitoring and field services. With the addition of Convergent Media Systems’ existing customer base, we will be able to further leverage the established infrastructure of our Network Operations Center to enhance efficiencies within the combined company and provide a strong platform for continued growth. Following this acquisition, we will continue to have a very strong balance sheet, which will be a key differentiator in the DOOH and EVS markets, and will enable us to continue investing in growth opportunities going forward.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs