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Sonic Foundry Shifts Directions

October 11, 2020 | Sonic Foundry has announced staff changes and reductions and the closing of its Santa Monica, California office. Rimas Buinevicius, CEO of Sonic Foundry, said the changes are a result of the company's two recent acquisitions. In April, Sonic Foundry completed its acquisition of STV Streaming Media in a deal valued at $66 million. The company then acquired International Image for approximately $24 million in May. Sonic Foundry no longer intends to market its live Web-casting services as a core component of its business, but the services will be available upon client request. The company plans to focus on acquiring and digitizing content, as well as providing content management services. "Content owners want to send their content to a one-stop shop for all of the services they require to deliver it across multiple platforms," said Buinevicius.

(Sonic Foundry, Inc., 1617 Sherman Avenue, Madison, WI 53704; 800/577-6642, 608/256-3133; Fax 608/256-7300; http://www.sonicfoundry.com)


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