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Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus today announced that it has signed a definitive agreement to acquire DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry for a base consideration of $9.1 million (Rs 56 crore) in a uniquely structured performance linked transaction.
PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment and with balance payable over three years such that cash flows from the North American operations will support the payment. The transaction is subject to customary closing conditions and is expected to close in the coming weeks.
This acquisition gives PFT ownership of DAX’s patented technology and products including the Primetime Emmy award winning Digital Dailies solution which is the de-facto industry standard in television production. This acquisition also sets the course for PFT’s strategic expansion in North America.
PFT will also get access to DAX’s customers including major studios and broadcast networks (Warner Bros. Television Studios, CBS Television Studios, 20th Century Fox Television Studios, Relativity Media, Legendary Pictures, Fox Television Studios, A&E, Showtime, Starz Media and Lionsgate) and many independent production and distribution companies.
“Our vision is to build the best enterprise platform for Production on the Cloud by taking a fresh look at media workflows through the lens of a studio that wants to efficiently collaborate across divisions with its entertainment content before, during and after the production phase,” said Ramki Sankaranarayanan, Founder and CEO, PFT.
“PFT has tremendous resources at its disposal,” said Patrick Macdonald-King, CEO, DAX will now assume the role of President and be part of the executive leadership team at PFT responsible for North America.
“Beginning with its 250-person strong R&D and product development team dedicated to a single platform with rare media-centric IT skills. This marriage allows DAX to fulfill its vision and extends DAX’s support of file-based workflows across the enterprise. PFT’s arsenal of media-centric technology tools will drive the DAX product offering to a new level. For DAX customers, it’s important to note that all tech support, client services, product design and account management will remain in Los Angeles, but also expand to the PFT offices in New York and London to better service the East Coast and Europe,” said Macdonald-King.
The global market for media asset management, workflow management, collaboration and media processing services is pegged at approximately $10 billion.