The management team at SintecMedia, the broadcast management software developer, has bought the company, with backing from private equity firm Francisco Partners.

Financial details were not revealed but it has been suggested that the deal could be worth as much as $400m (£275m).

SintecMedia was previously majority owned by Riverwood Capital.

Its software is used for managing multiplatform ad sales, traffic, billing, programming and rights.

SintecMedia chief executive and co-founder Amotz Yarden said: “Nothing is changing in SintecMedia’s business operations.

“We will continue to play a pivotal role in the way advertising is bought, sold and managed in the diverse media industry and our customers will continue to receive future-proof technological continuity combined with our innovative aptitude and deep domain expertise.

“I look forward to many years of exciting growth.”

Clients include the BBC. The company acquired UK-based competitor Pilat Media in 2014.