The CEO of Amagi Media Labs, an Indian cloud software company backed by General Atlantic, revealed that the firm is capitalizing on the trend of media clients migrating to the cloud to drive revenue growth. The Bangalore-based company, which specializes in software for the broadcast television and streaming industries, launched a $199 million initial public offering (IPO) this Tuesday. "Currently, only about 10% of the media industry's business workloads have completed their migration to the cloud. For us, the biggest growth driver is precisely the remaining 90% of the market that has yet to transform," stated the company's Chief Executive Officer, Baskar Subramanian, in an interview on Thursday. The CEO pointed out that Amagi plans to leverage artificial intelligence technology to help media companies reduce operational costs, and has already prioritized investment in research and development across its entire product line, focusing on building AI-native and AI-enhanced tools. Subramanian also mentioned that the company is actively exploring opportunities to facilitate the global distribution of streaming content. Amagi's client roster includes well-known companies such as A+E Networks UK, Roku Inc., Lionsgate, and NBCUniversal. In this IPO, Amagi is targeting a valuation exceeding $869 million, which represents a decline of nearly 40% compared to its $1.4 billion valuation in the private market in 2022. Furthermore, the company has also reduced the fundraising target outlined in its IPO prospectus. The CEO attributed the scaling back of the fundraising target to the company having achieved profitability, thereby reducing its need for capital. Financial reports show that for the six months ending last September, Amagi achieved a net profit of 64.7 million Indian rupees (approximately $716,679), whereas in the same period a year earlier, the company was in a loss-making position, with a loss amounting to 660.08 million Indian rupees.