EXCLUSIVE: Banzai To Snap OpenReel Digital Video Creation Platform For $19.6 Million (UPDATED)

Editor’s Note: The revenue number in paragraph 5 was erroneously attributed to OpenReel instead of Banzai

On Tuesday, Banzai International, Inc BNZI announced an agreement to acquire OpenReel for a purchase consideration of $19.6 million.

The amount is payable in Banzai Class A Common Stock and/or Pre-Funded Warrants exercisable for shares of Class A Common Stock in lieu, equal to $19.6 million.

OpenReel enables companies to create high-quality, branded video content rapidly. Their solution allows companies to direct, record, make, and collaborate on high-definition video projects, dramatically reducing the time to create brand-compliant video content.

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OpenReel’s enterprise customer base includes global organizations, such as Bristol Myers Squibb, Ingram Micro, DXC Technology, Insider Inc., and US Steel, the company said in the press release.

Banzai says adding OpenReel will grow the company’s trailing twelve months revenue by 152% to $10.9 million.

Banzai founder and CEO Joe Davy noted video as the future of enterprise marketing. He said OpenReel gives its customers a 10-times advantage when creating branded video content.

OpenReel co-founder and CEO Mark O’Reilly noted that OpenReel is the perfect complement to Demio, enabling seamless cross-collaboration and enhancing global value.

Price Action: BNZI stock traded higher by 22.20% at $1.69 premarket at the last check on Tuesday. (Updated)

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