A video technology company that was born at Waterloo Engineering has reason to celebrate after its acquisition this week by an entertainment industry giant.
SSIMWAVE Inc., an award-winning, Waterloo-based company, has joined forces with IMAX to lead the charge in video image quality in a deal worth $18.5 million in cash and $2.5 million in stock, plus additional earnout potential of $4 million.
Dr. Zhou Wang is a co-founder of video tech company SSIMWAVE.
Founded in 2013 by two Waterloo Engineering doctoral students, Dr. Abdul Rehman and Dr. Kai Zeng, and Dr. Zhou Wang, a professor of electrical and computer engineering, SSIMWAVE has won two technical Emmy awards while establishing itself as a global leader in entertainment technology.
“Viewers and content creators expect more from video experiences,” Rehman, the CEO of the company, said in a media release. “By joining IMAX, SSIMWAVE will be even better positioned to preserve creators’ intent and enable engaging, differentiated viewing experiences to millions of users across platforms.”
SSIMWAVE’s AI-driven video quality solutions improve people’s viewing experiences by ensuring the delivery of quality video content at reduced costs. This gives media and entertainment companies a much-needed competitive edge in a world hungry for more accessible and affordable video, interactive gaming experiences and higher content resolutions.
IMAX is known for delivering the highest quality video experiences around the world. It touted its acquisition of SSIMWAVE as an exciting move that heralds an evolution in entertainment technology and viewer experience.