MediaSilo and Wiredrive Join Forces, Raise $7M in Growth Capital

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Merger creates largest video collaboration SaaS provider with more than 1,800 customers in advertising and media and entertainment

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The challenges around collaboration, media management, and security are strikingly similar, we are able to use our expertise and resources to focus on building the new generation of best-of-breed tools to support an explosion in content creation

MediaSilo and Wiredrive announced today the close of their merger, forming the world’s largest SaaS platform for video-driven creative workflows with more than 1,800 enterprise customers worldwide. The joint entity has raised $7M from Boston-based Schooner Capital to support rapid growth and build the next generation of rich media collaboration tools for production, post-production, agencies, and brands.

“The challenges around collaboration, media management, and security are strikingly similar across our verticals," says Kai Pradel, CEO of MediaSilo. "We are able to use our expertise and resources to focus on building the new generation of best-of-breed tools to support an explosion in content creation."

Wiredrive is the leading platform among agencies and brands to present work-in-progress, video reels and manage library content, while MediaSilo’s expertise lies in providing secure video collaboration tools and pre-release content delivery to the post-production market, including many of the largest media companies in the world. The two companies are merging to combine product development resources and execute on a common vision, focusing on innovation.

“Combined, we are able to rapidly innovate on product to provide tools that solve key problems for creatives,” says Taylor Tyng, CEO of Wiredrive. “Integrating MediaSilo’s SafeStream™ technology will provide an immediate benefit to Wiredrive customers by bringing on-demand watermarking to high-value video content such as Super Bowl ads and sensitive corporate content. This is just the start -- there is so much more to come.”

“We’re excited to join forces with Wiredrive, and we believe together we can evolve the way the entire industry works,” says MediaSilo founder Kai Pradel, who will serve as CEO of the joint entity. “Both companies share a history of providing secure, mission-critical workflow platforms, as well as a friendly rivalry based in mutual respect. Together, we plan to leverage our shared reputation for credibility and reliability to release solutions that will delight creative and content security professionals alike.”

“Schooner is pleased to be able to fund the next stage of growth for these market leaders,” says Ted Henderson, Managing Director of Schooner Capital. “It’s rare to find two companies that not only complement each other so well in terms of product and market fit, but also share such a strong vision for disrupting the way communication among creatives occurs.”

The Wiredrive and MediaSilo platforms will both remain available to customers on an ongoing basis, with no changes to service. The combined company will serve over 320,000 users per month with these users viewing more than 1M creative assets total during that period. New engineering efforts will be focused on developing and rolling out a new collaboration platform with workflow-specific solutions. The company will maintain offices in both Los Angeles and Boston.

For more information, contact: Kelley Weaver at Melrose PR- kelley(at)melrosepr(dot)com, 310-260-7901

About MediaSilo
Boston-based MediaSilo is the industry leader in providing secure video collaboration solutions to media and entertainment companies and the post-production houses that serve them. MediaSilo’s flexible video sharing platform handles encoding and playback, review and approval, and media management, combining enterprise-level security and SafeStream™ on-demand watermarking with elegant usability. MediaSilo integrates with most hosting, productivity and storage solutions, adapting to existing workflows and freeing clients up to tell their stories.

About Wiredrive
Wiredrive is a secure media-sharing and collaboration tool designed for creative professionals. Top agencies, brands, production houses, and entertainment companies rely on Wiredrive to effectively collaborate with teams and privately share video. Wiredrive is trusted by industry leaders from creation to distribution with the fastest industry upload and download speeds, easy review and approval, industry-specific workflows, robust search capabilities, custom branding, insights into user activities, metadata search, and enterprise-grade security.

About Schooner Capital
Founded in 1971, Schooner Capital is a Boston-based private investment firm engaged in venture capital and growth equity. Schooner has no outside limited partners and approaches all investments with a long-term perspective. Schooner maintains investments in a number of B2B SaaS companies, including multiple investments in the video space. Schooner first invested in MediaSilo in 2012.

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Kelley Weaver
@MelrosePR
since: 11/2011
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