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Thoma Bravo LLC has completed its acquisition of Telestream, a leading provider of video and digital media software solutions.

Telestream co-founder and chief executive officer Dan Castles will continue as leader of the company.

Telestream started in 1998 during the height of the technology boom. It weathered two technology slumps and has grown steadily, shifting from being a hardware company to primarily a software company.

“This acquisition puts Telestream in a strong position to facilitate further growth of our core businesses while giving us additional capital to explore further market expansion and acquisitions,” Castles said in a statement. “Thoma Bravo has a well-regarded reputation in the technology space, and their expertise will be extremely valuable as we enter the next phase of our growth and market leadership.”

Based in Nevada City, Telestream has 160 employees and offices in Virginia, Sweden and Germany.

Telestream customers include media companies such as CBS, BBC, CNN, FOX, CBC, Comcast, Direct TV, Time Warner, MTV, Discovery and Lifetime, as well as a growing number of corporate users in a broad range of business environments.

“We see tremendous growth opportunities in the digital media industry,” said Holden Spaht, partner at Thoma Bravo, in a statement. “Based on Telestream’s reputation and leading market position, we believe the company represents a great fit with Thoma Bravo’s strategy of accelerating the growth of best-in-class technology companies.”

The purchases price was not disclosed. The purchase cashes out Telestream’s original investors.

The original investors of Telestream include Sacramento venture capital firm Hallador Venture Partners LLC, which put $400,000 into the original $5 million that got Telestream started.

“This is a competitive, ever-changing industry that requires the ability to react quickly to challenges and opportunities, and we believe this investment positions Telestream for continued long-term success and growth,” A.J. Rohde, Thoma Bravo vice president, said in a statement.

This acquisition is Thoma Bravo’s 19th acquisition in the software industry. Thoma Bravo is based in San Francisco and Chicago.