On Tuesday, Banzai International, Inc ( BNZI ) announced an agreement to acquire OpenReel for a purchase consideration of $19.6 million.

The amount is payable in Banzai Class A Common Stock and/or Pre-Funded Warrants exercisable for shares of Class A Common Stock in lieu, equal to $19.6 million.

OpenReel enables companies to create high-quality, branded video content rapidly. Their solution allows companies to direct, record, make, and collaborate on high-definition video projects, dramatically reducing the time to create brand-compliant video content.

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OpenReel’s enterprise customer base includes global organizations, such as Bristol Myers Squibb, Ingram Micro, DXC Technology, Insider Inc., and US Steel, the company said in the press release.

OpenReel revenue grew by 152% to $10.9 million in the trailing twelve months.

Banzai founder and CEO Joe Davy noted video as the future of enterprise marketing. He said OpenReel gives its customers a 10-times advantage when creating branded video content.

OpenReel co-founder and CEO Mark O’Reilly noted that OpenReel is the perfect complement to Demio, enabling seamless cross-collaboration and enhancing global value.

Price Action: BNZI stock traded lower by 2.16% at $1.36 premarket at the last check on Tuesday.

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