Aiming to “democratize content,” Allrites Holdings Pte. Ltd. will be going public via an acquisition by SPAC, Aura FAT Projects Acquisition Corp. The company raised just $1.1 million in its pre-Series A investment round in 2020 but now this deal values the company at $92 million. Allrites is expected to be listed on the Nasdaq Global Market under the ticker symbol ALL.
According to the companies’ joint press release, “Allrites uses their cutting-edge technology to scale the distribution of content by removing the friction introduced through manual processes and also by introducing an innovative content licensing model that addresses the core pain points of buyers and sellers in the eco-system.”
The company explains in Medium, “Content Buyers can browse the content and use a variety of filters (e.g. genre, language, actors, producer) to narrow down their search. They can securely watch trailers or full movies/episodes (all low res) and then make an offer directly to the rights holder on the platform.” The two parties negotiate and if they strike a deal, Allrites takes a percentage.
Allrites’ founder and CEO, Riaz Mehta, is eager to position the company in the middle of the massive global entertainment and media industry. According to PwC, the industry shrank in 2020, but bounced back significantly in 2021. It is projected to continue expanding.
While platforms such as Allrites suffered from slow adoption in the years prior to 2020, the pandemic changed everything: “COVID-19 lockdowns have provided the perfect backdrop for companies seeking to reinvent the world of content distribution,” according to Variety. “With international travel restricted and physical markets on hold for over a year, digital platforms that help TV and film sellers to connect with buyers around the world have come into focus as never before.”
According to Matterhorn’s comprehensive M&A database, which harnesses AI to track current and historical deals, Allrites is advised by Rimon Law and Bayfront Legal, while Aura FAT Projects Acquisition Corp is advised by Nelson Mullins Riley & Scarborough LLP, Shooklin & Bok, and Harneys.
