Lumine Acquires Imagine Communications

Research evidence excerpt

Lumine Acquires Imagine Communications

July 1, 2026 | 18:31 ET~

Constellation Software Technology

Thanos Moschopoulos, CFA Analyst

thanos.moschopoulos@bmo.com (416) 359-5428

CSU-TSX Rating Price: Jun-30 Target Total Rtn

Outperform $2,670.00 $3,500.00 31% Stephen Machielsen, CFA VP Associate

stephen.machielsen@bmo.com (416) 359-5513

Sagar Karri, CPA, CA, CFA Senior Associate

sagar.karri@bmo.com (416) 355-9083

Legal Entity: BMO Nesbitt Burns Inc.Lumine Acquires Imagine Communications

Bottom Line:

Lumine (LMN-V; not rated) announced it has acquired Imagine Communications, a 2YR Price Volume Chart

media software company. Financial metrics weren't disclosed, but we believe the 5,500

business may have ~$150-200mm in revenue. Further, LMN announced the closing of 5,000

4,500

the recently-announced Synamedia acquisition (we believe ~$100mm revenue). With 4,000

these two acquisitions, we estimate that LMN's revenue run-rate has grown by roughly 3,500 0.3

3,00025-30%. 0.2

2,500 0.1

Key Points 2,000 Dec Jun Dec Jun 0

LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

• Imagine's business centers on two main areas: video infrastructure and playout

(helping clients produce, process and distribute TV and video content), which

we believe represents a majority of the business, and adverting management/

monetization (managing and selling ad inventory across broadcast and digital

platforms). Its client base includes several of the largest broadcasters and media

companies.

• We've long followed Imagine's video infrastructure/playout business in the

context of our coverage of Evertz (ET-T; $19.10; Outperform) who is a key

competitor in this segment (other competitors include Grass Valley, Ross Video

and Amagi). Our understanding is that the business had experienced significant