Venture Capital Firm, Covington Fund II Inc. Becomes Controlling Shareholder of Masstech Innovations Inc.
New ownership positions highly acclaimed advanced workflow and media asset management solution provider for next stages of growth
September 18, 2015 — TORONTO, Ontario: Masstech – the trusted provider of innovative, advanced workflow and media asset management solutions – has undergone an ownership restructuring whereby Masstech is now controlled by Covington Fund II Inc., one of Canada’s largest and most experienced venture capital firms. The new ownership positions Masstech to accelerate growth, build on its success, and fully capitalize on its imminent new software releases and the rapid adoption of its award-winning solutions.
The ownership change brings Masstech’s business under the newly formed corporate entity Masstech Innovations Inc. Masstech provides innovative software solutions and expertise that media organizations trust to manage their valuable digital media content and related information throughout its lifecycle. Leading media companies worldwide depend on Masstech to deliver superior user experiences, exceptional ROI and frictionless media asset management workflows that enable them to maximize their efficiency, monetize their content across multiple platforms, create better productions, enhance their competitive position, and save time and money.
“We remain impressed with Masstech’s vision, insight, ground-breaking technologies and deep understanding of its target markets,” said Phil Reddon, Managing Partner at Covington. “We are extremely excited to take majority control of the company, particularly at a time when it is poised to break through to the next level of growth.”
“We have invested significantly in R&D over the past three years for our next generation of solutions, from our pending new MAM software releases to laying the groundwork for future game-changing innovations on our roadmap. Meanwhile, our award-winning newsroom solution is now benefiting nearly 100 stations, and we are poised to double that footprint less than three years after its introduction.” said Joe French, President and CEO of Masstech Innovations. “The ownership change positions us to accelerate our growth as we build on this enviable foundation, and we’re thrilled to be working with the Covington team to take Masstech to new heights.”
“For our customers, beyond the new formal corporate name, the ownership change should be completely transparent,” French continued. “We are executing on our same strategy, continuing our rich history of innovation with the same unwavering focus on broadcasters and the media and entertainment industry.”
About Covington Group of Funds – Founded in 1995, Covington Capital Corporation (www.covingtonfunds.com) is one of Canada’s largest and most experienced venture capital fund providers. Managing approximately $300 million in venture capital assets on behalf of institutional and retail investors, Covington invests in small-and-medium businesses throughout many industry sectors. Covington Capital Corporation is headquartered in Toronto, Ontario.