Virgo Investment Group Announces $10 Million Investment in Bitcentral
Bitcentral’s FUEL™ cloud-based streaming platform delivers timely and exceptional consumer media experiences that maximize the value for all stakeholders
Burlingame, CA, March 20, 2019 — Virgo Investment Group announced today that it has completed a $10 million-dollar investment in Bitcentral, Inc., a leading provider of broadcast news production and distribution solutions that maximize the value of media. The investment will accelerate the company’s newly launched FUEL streaming solution. FUEL is a highly efficient production, streaming and monetization platform that creates an engaging and personalized viewing experience for digital audiences, improving viewing durations while significantly increasing revenues for content owners. FUEL delivers curated content and advertising across all digital platforms (OTT, mobile, online, etc.), reaching audiences when and where they want to watch, and provides a new revenue stream for media companies.
Founded in 2000 and headquartered in Newport Beach, CA, with its Latin America headquarters in Mexico City, Bitcentral is the leading supplier of award-winning, efficient news production workflow software in the U.S. The company’s products allow over 250 news producing TV stations to create premium news content that reaches millions of viewers a day, and provides master control automation solutions that are integrated into broadcast operations worldwide.
“We are excited to have the support of Virgo as we solidify our leadership position in broadcast news production, and further expand into the multi-platform personalized streaming marketplace,” said Fred Fourcher, founder and CEO of Bitcentral. “Their investment and partnership will help us delight digital viewers and content owners outside of local TV. FUEL is a game changing solution that can transform the viewing experience across all content and devices.”
“The media landscape is rapidly evolving and all constituents need efficient and flexible tools that allow them to adapt so that their businesses can thrive. Bitcentral has consistently delivered innovative solutions that have repeatedly revolutionized the broadcast media production paradigm,” added Rick Ray, co-founder of Raycom, Inc., and Operating Partner at Virgo Investment Group. “We believe the FUEL platform will create large new market opportunities and significant growth for Bitcentral customers. Fuel provides broadcasters and other content owners with the right tools and the right analytics to better monetize their content across all platforms.”
Bitcentral is excited to showcase FUEL at NAB 2019 (April 6-11, 2019 in Las Vegas) and demonstrate how FUEL revolutionizes media companies’ ability to monetize their assets digitally.
About Virgo Investment Group
Founded in 2009, Virgo is a thematic investor with the mission of building meaningful businesses. Virgo partners with Founder-led or Family-owned businesses where both existing owners and management have a material equity stake in the business. Virgo targets companies undergoing industry or company-specific change, which are executing on an identified inflection point in value. Virgo has flexible capital that allows the Firm to provide differentiated solutions. Virgo is an actively engaged investor, driving value-add initiatives post-investment via a focus on human capital transformation, business process enhancement and technology implementation through the Firm’s Spica Alpha Unit. The Firm has invested over $1.1 billion, completing 54 investments to date.
About Bitcentral, Inc.
Founded in 2000, Bitcentral is a software company that provides efficient media workflows and customized solutions to maximize the value of video content. Our Core News™ solution is the No. 1 news production platform in the U.S. reaching millions every day; Central Control™ provides a flexible toolset for master control operation with modules to execute all the processes that converge into playout; while FUEL™, our most innovative and industry-changing Linear on Demand™ streaming solution, is creating an easy path to new digital revenue. More than 1,000 broadcast operations worldwide rely on Bitcentral’s news production and master control automation software and with FUEL™, they’ll now be able to target and deliver content across digital platforms (OTT, desktops, apps, mobile devices), social media and syndication. Bitcentral is based in Newport Beach, CA, and its Latin America headquarters is in Mexico City.
For more information, please visit www.bitcentral.com