{"id":793775,"date":"2024-12-10T08:39:20","date_gmt":"2024-12-10T13:39:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/"},"modified":"2024-12-10T08:39:20","modified_gmt":"2024-12-10T13:39:20","slug":"banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/","title":{"rendered":"Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>Banzai Adds Enterprise-Grade Branded Video Creation and Management Solution OpenReel to Growing Product Family<\/em>\n      <\/p>\n<p align=\"justify\">SEATTLE, Dec.  10, 2024  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hEdOnHb3BbSOMWQukxb6X1U_4dyQLDI_-QWimTR1QIueFZQ7tNrQe-CkEpWViFomG3NCLmtpzZYh_InM9AUOW3RGZxXronyKznwJ4VkiNr0=\" rel=\"nofollow\" target=\"_blank\"><u>Banzai International, Inc.<\/u><\/a> (NASDAQ: BNZI) (\u201cBanzai\u201d or the \u201cCompany\u201d), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has signed a definitive agreement to acquire <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=YqlRA2zLpQMp_t8rF5ZHKcb05kM2V_w2-IdK9liV_CiS2wVXNF1aC3NjtsbHVdlCRllo_LEMBMxaniztdM5O8w==\" rel=\"nofollow\" target=\"_blank\"><u>OpenReel<\/u><\/a>, a leading digital video creation platform.<\/p>\n<p align=\"justify\">OpenReel enables companies to rapidly create high-quality, branded video content. Their solution allows companies to direct, record, create, and collaborate on high-definition video projects, dramatically reducing the time to create brand-compliant video content. OpenReel\u2019s enterprise customer base includes global organizations, such as Bristol Myers Squibb, Ingram Micro, DXC Technology, Insider Inc., and US Steel.<\/p>\n<p align=\"justify\">&#8220;Video is the future of enterprise marketing,&#8221; said Joe Davy, Founder and CEO of Banzai. &#8220;OpenReel gives their customers a 10x advantage when creating branded video content. Their enterprise customers are a testament to the power of their solution.&#8221;<\/p>\n<p align=\"justify\">\u201cWe\u2019re thrilled to join the Banzai family and take OpenReel to new heights,\u201d said Lee Firestone, CEO and co-founder of OpenReel. \u201cWith Banzai\u2019s support, we\u2019re confident in accelerating the growth of our technology while becoming an integral part of their robust suite of marketing tools. We believe that OpenReel is the perfect complement to Demio, enabling seamless cross-collaboration and enhancing the value we deliver to marketers worldwide.\u201d<\/p>\n<p align=\"justify\">Banzai\u2019s vision is to build an AI-powered marketing technology platform to help businesses of all sizes grow. Acquiring mission-critical MarTech products like OpenReel will allow Banzai to drive customer growth by offering new solutions to existing customers to create long-term value for our shareholders.<\/p>\n<p align=\"justify\">\n        <strong>Transaction Details <\/strong>\n      <\/p>\n<p align=\"justify\">Under the terms of the agreement, the aggregate merger consideration shall be a number of shares of Banzai Class A Common Stock, and\/or Pre-Funded Warrants exercisable for shares of Class A Common Stock in lieu thereof, equal to $19.6 million. Additional details regarding the acquisition are included in the Company\u2019s Form 8-K filed with the Securities and Exchange Commission on December 10, 2024. The transaction is expected to close in December 2024, subject to the satisfaction of customary closing conditions.<\/p>\n<p align=\"justify\">\n        <strong>About OpenReel<\/strong>\n      <\/p>\n<p align=\"justify\">OpenReel is a leading enterprise video creation and management solution that empowers companies to create high-quality content at scale and on brand. OpenReel enables businesses of all sizes to cut down on the time-and resource-intensive process of video creation and scale content creation initiatives efficiently, effectively, and securely. OpenReel is trusted by a wide range of customers from small businesses to the Fortune 500<em>. <\/em>OpenReel is based in New York, with its team distributed worldwide. To learn more about the company, visit: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=irJCc3vV3UpSlMumIGZXUb-GwMRwXYyvc_am2eKp46iBVqg7GjhNl8yDF2sBuKhKWk0WuVrXCZ581dXff4JvHXzBIKKirRFZBT6zKQZXMxk=\" rel=\"nofollow\" target=\"_blank\"><u>www.openreel.com<\/u><\/a>.<\/p>\n<p>\n        <strong>About Banzai<\/strong>\n      <\/p>\n<p align=\"justify\">Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Cisco, New York Life, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=londEEDf6nwTDEoYXjAPT3nz52c0C5l2uXFaXalEOVbEtbxsJUKSzdZ3ogvqMx_3FyIv9iK_B9ccgkmf2WCc1w==\" rel=\"nofollow\" target=\"_blank\"><u>www.banzai.io<\/u><\/a><u>.<\/u> For investors, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Qrb42hSKvEPZmLuYXLSccCfL-FwDrcthP8z0BHW1L5FLU-ZVtDQCUp3lIbRw5Xh4PdD118nm-fzgIrLyhsMXsVq-4DXm2F6YlvG9Tu88pQs=\" rel=\"nofollow\" target=\"_blank\"><u>https:\/\/ir.banzai.io<\/u><\/a>.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201ctarget,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cpropose,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cforecast,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cseek,\u201d \u201cfuture,\u201d \u201coutlook,\u201d and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.\u2019s (the \u201cCompany\u2019s\u201d): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company\u2019s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company\u2019s ability to execute on its strategy. More detailed information about risk factors can be found in the Company\u2019s Annual Report on Form 10-K and the Company\u2019s Quarterly Reports on Form 10-Q under the heading \u201cRisk Factors,\u201d and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.<\/p>\n<p>\n        <strong>Investor Relations<\/strong><br \/>\n        <br \/>Chris Tyson<br \/>Executive Vice President<br \/>MZ Group &#8211; MZ North America<br \/>949-491-8235<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eDYpnGNIqULQRDTc4iZ0tV_27V8uIIaO2JBbWvUBeclgXjxs8v54dWLNd3IRQxXRJJAqIWTQrmB5Ri3LEk24UA==\" rel=\"nofollow\" target=\"_blank\"><u>BNZI@mzgroup.us<\/u><\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=aGqqMqAlKiiztMpgfQcDoktvpi671W5Alhd1MnZ0hHPxmZFDgaL2QIPF7emeL0HJm0wMzVlvcbbs_mYkWA7wTA==\" rel=\"nofollow\" target=\"_blank\"><u>www.mzgroup.us<\/u><\/a><\/p>\n<p>\n        <strong>Media<\/strong><br \/>\n        <br \/>Rachel Meyrowitz<br \/>Director, Demand Generation, Banzai<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=W7F_iufLgKQDga-Gaj7VOvoWuLcF-wfLCQJmb2tCXvnwCVQ979OHbx6awwm9_BfDFoUPnlo321Oqqb2IoOMiFg==\" rel=\"nofollow\" target=\"_blank\"><u>media@banzai.io<\/u><\/a><\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTMxNjgxNyM2NjMwMDkzIzIyNjM3Mjc=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/OTE1ZjdmZGMtMjI4My00NjI4LTk4MGQtMDg0ODIwOTZlYjA1LTEyNzUyNzc=\/tiny\/Banzai-International-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Banzai Adds Enterprise-Grade Branded Video Creation and Management Solution OpenReel to Growing Product Family SEATTLE, Dec. 10, 2024 (GLOBE NEWSWIRE) &#8212; Banzai International, Inc. (NASDAQ: BNZI) (\u201cBanzai\u201d or the \u201cCompany\u201d), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has signed a definitive agreement to acquire OpenReel, a leading digital video creation platform. OpenReel enables companies to rapidly create high-quality, branded video content. Their solution allows companies to direct, record, create, and collaborate on high-definition video projects, dramatically reducing the time to create brand-compliant video content. OpenReel\u2019s enterprise customer base includes global organizations, such as Bristol Myers Squibb, Ingram Micro, DXC Technology, Insider Inc., and US Steel. &#8220;Video is the future of enterprise &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-793775","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Banzai Adds Enterprise-Grade Branded Video Creation and Management Solution OpenReel to Growing Product Family SEATTLE, Dec. 10, 2024 (GLOBE NEWSWIRE) &#8212; Banzai International, Inc. (NASDAQ: BNZI) (\u201cBanzai\u201d or the \u201cCompany\u201d), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has signed a definitive agreement to acquire OpenReel, a leading digital video creation platform. OpenReel enables companies to rapidly create high-quality, branded video content. Their solution allows companies to direct, record, create, and collaborate on high-definition video projects, dramatically reducing the time to create brand-compliant video content. OpenReel\u2019s enterprise customer base includes global organizations, such as Bristol Myers Squibb, Ingram Micro, DXC Technology, Insider Inc., and US Steel. &#8220;Video is the future of enterprise &hellip; Continue reading &quot;Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-10T13:39:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTMxNjgxNyM2NjMwMDkzIzIyNjM3Mjc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M\",\"datePublished\":\"2024-12-10T13:39:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\\\/\"},\"wordCount\":944,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTMxNjgxNyM2NjMwMDkzIzIyNjM3Mjc=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\\\/\",\"name\":\"Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M - 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(NASDAQ: BNZI) (\u201cBanzai\u201d or the \u201cCompany\u201d), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has signed a definitive agreement to acquire OpenReel, a leading digital video creation platform. OpenReel enables companies to rapidly create high-quality, branded video content. Their solution allows companies to direct, record, create, and collaborate on high-definition video projects, dramatically reducing the time to create brand-compliant video content. OpenReel\u2019s enterprise customer base includes global organizations, such as Bristol Myers Squibb, Ingram Micro, DXC Technology, Insider Inc., and US Steel. &#8220;Video is the future of enterprise &hellip; Continue reading \"Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/","og_site_name":"Market Newsdesk","article_published_time":"2024-12-10T13:39:20+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTMxNjgxNyM2NjMwMDkzIzIyNjM3Mjc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M","datePublished":"2024-12-10T13:39:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/"},"wordCount":944,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTMxNjgxNyM2NjMwMDkzIzIyNjM3Mjc=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/banzai-announces-definitive-agreement-to-acquire-openreel-growing-ttm-revenue-152-to-10-9m\/","name":"Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M - 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