OmniBus, a UK-based company which develops software for TV broadcasters, has been sold for €36.4 million by Palamon Capital.

OmniBus, a UK-based company which develops software for TV broadcasters and video content distributors, has been sold for €36.4 million (£30 million) by private equity firm Palamon Capital.

The acquirer is Toronto Stock Exchange-listed Miranda Technologies, a manufacturer of hardware and software for the broadcast industry.

Palamon, which acquired OmniBus from administration, changed its business model from providing bespoke software to a more ‘scalable’ offering, according to partner Daan Knottenbelt. The change in strategy was led by Omnibus CEO Mike Oldham.

The flagship product of East Midlands-based OmniBus is a piece of software that enables broadcasters to manage the transmission of live television content in high definition using standard IT systems.

For Palamon, the sale of OmniBus follows a series of exits during this year with total proceeds of more than €200 million.