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Cloud-based SaaS technology provider Amagi secures $100mn in a round led by General Atlantic

General Atlantic has invested $82 million in Amagi, a global media SaaS technology company with offices in India and the US. According to the company notice, General Atlantic will have 8% equity in the company. 

The existence of a secondary transaction is also shown through filings. General Atlantic will purchase 1,12,374 equity and preference shares from the existing investor for a total of 27.5 million after the funds were raised through preferential allotment and private placement in two tranches.

The primary and secondary deal raises a total of $110 million. 

According to the notice, the board at Amagi issued 3,35,854 Series F CCPS at a company face value of an issue price of Rs 19,505.5 per share to raise $82 million.

Amagi, a cloud-based broadcast and advertising technology solution provider, was founded in 2008. The company was founded in India to offer solutions for targeted TV advertising, but it eventually changed its focus to drive cloud adoption and promote cloud technologies for broadcast. 

After receiving $95 million for a valuation of over $1 billion in a funding round headed by Accel and involving investors including Norwest Venture Partners and Avataar Ventures, the company became a unicorn in March. The fundraising round came after a 108% year-over-year (YoY) growth; since 2021, the number of clients has increased by 59%. 

The company provides live, linear, and on-demand channel creation, distribution, and monetization services across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST) platforms globally.

With locations in New York, Los Angeles, Toronto, London, Paris, Australia, South Korea, and Singapore, Amagi currently supports over 700 content brands, 800 playout chains, and over 2,000 channel deliveries on its platform across over 40 countries. With a centre for innovation in Bengaluru, it also has broadcast operations in New Delhi.

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