Seagull merges with Videotel, gets acquired by Oakley Capital
The transaction, which has the financial details undisclosed, is part of a larger deal including the purchase of e learning business Videotel, which is then merged to Seagull.
The deal was made by PE fund Oakley Capital Investments, which acquired both companies - Videotel from KVH Industries and and Seagull from another PE fund Herkules Private Equity Fund IV.
KVH has sold Videotel for $90m to Oakley Capital as it looks to increase its investment in photonic integrated chip technology, AgilePlans acceleration, and Internet of Things (IoT) connectivity.
Oscar Johansen, chairman and founder of Seagull, will take the role of president of the combined group, while Roger Ringstad and Raal Harris will continue to lead Seagull and Videotel, respectively. No further operational changes are planned for the two companies.