Banzai Announces Definitive Agreement to Acquire OpenReel, Growing TTM Revenue 152% to $10.9M

Banzai Adds Enterprise-Grade Branded Video Creation and Management Solution OpenReel to Growing Product Family

Banzai International, Inc.  (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, announced that it has signed a definitive agreement to acquire OpenReel, a leading digital video creation platform.

OpenReel enables companies to rapidly create high-quality, branded video content. Their solution allows companies to direct, record, create, and collaborate on high-definition video projects, dramatically reducing the time to create brand-compliant video content. OpenReel’s enterprise customer base includes global organizations, such as Bristol Myers Squibb, Ingram Micro, DXC Technology, Insider Inc., and US Steel.

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“Video is the future of enterprise marketing,” said Joe Davy, Founder and CEO of Banzai. “OpenReel gives their customers a 10x advantage when creating branded video content. Their enterprise customers are a testament to the power of their solution.”

“We’re thrilled to join the Banzai family and take OpenReel to new heights,” said Lee Firestone, CEO and co-founder of OpenReel. “With Banzai’s support, we’re confident in accelerating the growth of our technology while becoming an integral part of their robust suite of marketing tools. We believe that OpenReel is the perfect complement to Demio, enabling seamless cross-collaboration and enhancing the value we deliver to marketers worldwide.”

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Banzai’s vision is to build an AI-powered marketing technology platform to help businesses of all sizes grow. Acquiring mission-critical MarTech products like OpenReel will allow Banzai to drive customer growth by offering new solutions to existing customers to create long-term value for our shareholders.

Transaction Details

Under the terms of the agreement, the aggregate merger consideration shall be a number of shares of Banzai Class A Common Stock, and/or Pre-Funded Warrants exercisable for shares of Class A Common Stock in lieu thereof, equal to $19.6 million. Additional details regarding the acquisition are included in the Company’s Form 8-K filed with the Securities and Exchange Commission on December 10, 2024. The transaction is expected to close in December 2024, subject to the satisfaction of customary closing conditions.