Victoria-based software firm MediaCore has been swallowed whole by a Silicon Valley firm.
MediaCore, a cloud-based educational video platform company with 30 employees, was launched in 2011. It has been acquired by Workday, a 10-year-old company that offers cloud-based software to manage finance and human resources.
Workday, which has a market cap of about $14 billion US and annual revenues of about $1 billion, is a growing competitor to database giant Oracle.
MediaCore chief executive and co-founder Stuart Bowness said the transaction is a win for the company and Victoria.
“I think in the coming years this could mean substantial things for the city,” Bowness said.
Firms of MediaCore’s size have blossomed into 300-person businesses under Workday’s leadership, he said.
“This means even bigger things locally. Workday has many reaches and resources. We can build a more exciting product with them.
“They are planning on being a standout employer in the city.”
While he could not go into specifics of the deal, Bowness said the MediaCore management team will remain. Expansion of the local workforce is expected and Bowness will assume the title of vice-president of learning experience at Workday.
MediaCore’s products provide secure, customized video-platform services to universities and tools to manage and catalogue content for easy access to students. It will no longer be available as a standalone product.
The company’s software will be integrated across Workday’s business streams.
“A number of our customers are already Workday customers and we will work to migrate them to our new product,” said Bowness.
He noted they also have a transition plan for their customers who are not Workday clients.
Bowness said the transaction would not have been possible without the support of Victoria’s post-secondary schools as three-quarters of his 30-person workforce are local graduates.
He suggested landing the deal said a lot about the profile of the Victoria Advanced Technology Council and the community that has been established around the region’s tech sector.