Short video app Triller is set to go public via 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 both companies have approved the proposed merger and the deal is expected to close in the first quarter of 2022, subject to regulatory and stockholder approvals.
Similar to TikTok, Triller allows users to create and share short-form videos set to music. The Los Angeles-based company initially launched in 2015 and the app has been downloaded more than 250 million times. Triller has attracted many notable users, like Justin Bieber, Marshmello, The Weeknd, Alicia Keys, Cardi B, Eminem, Post Malone and Kevin Hart. The app has also inked deals with popular TikTok users, such as Charli D'Amelio and Noah Beck. Former U.S. President Donald Trump also used the app, although he hasn't posted a new video on the platform since January.
Following the completion of the merger, SeaChange will change its name to TrillerVerz Corp. The Acton, Massachusetts-based company describes itself as a supplier 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 is becoming the voice of youth culture, a brand that sits at the nexus of content, creator, commerce, and culture in the digital world," said de Silva, 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 that combining with SeaChange accelerates our advertising and marketing capabilities by extending our reach to 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 investment in new growth opportunities across the creator economy and emerging technologies.
"The business combination with TrillerVerz represents a tremendous opportunity to invest in the future of creativity," SeaChange CEO Peter Aquino said in a statement. "We believe that TrillerVerz's unmatched social media reach, Gen Z engagement, and the opportunity to meaningfully expand its global multi-platform presence across content, commerce, creators, and being at the forefront of e-commerce, adtech, and NFTs, including the metaverse, is a compelling investment with the potential to create significant value.”
News of the merger comes as Triller and its parent company have been expanding the 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 live event and pay-per-view combat sports streaming platform. In March, Triller acquired live music streaming platform Verzuz, which was founded by Swizz Beats and Timbaland.