BroadSign International, Inc.

Client Profile
Based in Montreal, Canada, BroadSign is a leading provider of enterprise-scale software-as-a-service that allows companies to manage and set up digital signage networks as well as manage media files across multiple locations. Digital signage is used for delivering visual messages at point-of-purchase or at other public venues such as airports, movie theaters and doctor’s offices. BroadSign’s customer base consists of approximately 120 customers in 25 countries operating a wide variety of operating systems and hardware products. BroadSign has the largest connected digital signage network in the Digital Out Of Home industry, with more than 27,000 subscriptions and more than 1.5 billion ad plays each month.
Situation
BroadSign’s legacy software technology was acquired in 2006 from a company that had developed and enhanced the software but was unable to commercialize it. BroadSign raised a variety of senior debt, convertible notes and equity to provide funding for operations and bring the software to commercial use. Unfortunately, the complex capital structure constrained liquidity and inhibited the Company’s ability to raise additional capital. Consequently, the Company determined that a sale was the only viable alternative. BroadSign filed for protection under Chapter 11 of the United States Bankruptcy Code in the District of Delaware on March 4, 2012.
Solution
SSG was retained as the Company’s investment banker for the purpose of marketing the business and soliciting competing offers to the proposed stalking horse bid. JedFam’s stalking horse offer was ultimately the highest and best price for substantially all of the assets of BroadSign. The sale was approved by the Bankruptcy Court on May 14, 2012. SSG’s experience in condensed M&A processes and Section 363 sales enabled all key stakeholders to maximize the value of the Company and preserve Broadsign as a going concern.