A group of Triveni Digital employees led by company president Mark Simpson has purchased the company from parent LG Electronics.

LG founded what would later be called Triveni Digital in 1997; it was originally a research and development (R&D) lab. Triveni Digital developed into a vendor of systems that enable television service products for program guide and metadata management, data broadcasting, and video quality assurance.

The company also provides equipment for LG Electronics’ hospitality TV business. It said it has agreed with LG to continue to do so. Simpson said he expects the company will continue to grow its business with LG.

Triveni Digital’s employees purchased LG’s holdings of stock in the company, establishing a majority ownership position. The company did not reveal the proportion of those holdings, nor provide either a share price or a total value for the deal. It did say it is now a fully independent company.

The move opens up new funding opportunities, as well as the potential for new business partnerships, Triveni Digital said.

"While our current business is healthy, we see an exceptional opportunity for growth over the next several years," said Simpson. Moving forward, he said, "A key area of focus that we'll address at next week's 2013 NAB Show is how Triveni Digital plans to help local broadcasters further exploit their infrastructure assets to earn new revenues from their news and other local content."