Montreal-based Emmy-winning animation software company Toon Boom has been sold to Integrated Media Company (IMC) for nearly $147.5 million.
This was announced on Thursday by Corus Entertainment, which has decided to separate itself from the animation software division.
“This change will free up capital, increase Corus’ financial flexibility and better focus our efforts on advancing our strategic plan and priorities,” said Colin Bohm, Senior Vice President, Content and Corporate Strategy. , by Corus Entertainment.
The software developed by Toon Boom is known worldwide for 2D animation, storyboarding and pipeline management.
Corus acquired the first half of the company’s shares in 2004 before getting its hands on the other half in 2012.
“With its unbeatable product, Toon Boom offers an exemplary product range and has thus established itself as the market leader in the innovative market. His exceptional tools are trusted by creative teams large and small, as well as educational institutions that train the talents of tomorrow,” said Yuning Zhang, who led the transaction for IMC.
The transaction is expected to close by the end of 2023.