Vitec to Acquire Autoscript
October 20, 2006
The Vitec Group, a U.K.-based provider of broadcast equipment and services, has agreed to acquire the issued share capital of ALC Broadcast Ltd., the holding company for Broadcast Developments Ltd. and the Autoscript teleprompting businesses (Autoscript Ltd., BDL Autoscript USA Inc., and Autoscript Hire Ltd.).
Autoscript is one of the leading providers of teleprompting hardware and software to the broadcast industry, with subsidiaries in the U.S. and U.K. Vitec acts as distributor for Autoscript in Germany and Italy. The two companies co-developed a Voice-Plus Voice Recognition teleprompting system, which was introduced at NAB2006.
Gareth Rhys Williams, chief executive of Vitec said, "Autoscript is a growing business that we know well which, together with our existing brands, will enhance our position as a leading supplier to the broadcast and video industry."
Sales of Autoscript in the year ended Dec. 31, 2005 were $6.5 million (£3.5m). The acquisition is expected to slightly enhance earnings FY 2007. Vitec said the acquisition would be funded from existing resources.
Michael Accardi, president of Autoscript USA Inc., said the company doesn't anticipate any facility closings or personnel changes.
"We are excited about entering into this agreement and believe that Vitec Group will further strengthen our worldwide position and help us to continue to develop as the leading teleprompting company," said Accardi.
The companies expect the deal to be completed by the end of the year.