Prime Focus Technologies to Acquire DAX for $9.1 Million
MUMBAI and LOS ANGELES—Prime Focus Technologies announced that it has signed a definitive agreement to acquire DAX, a provider of cloud-based production workflow and media asset management applications to the entertainment industry for a base consideration of US$ 9.1 million in a structured performance-linked transaction. PFT through its U.S. subsidiary will acquire all the assets of DAX for an upfront payment with balance payable over three years such that cash flows from the North American operations will support the payment.
This acquisition gives PFT ownership of DAX’s patented technology (U.S. Patent No: 7,660,416/ 8,218,764) and products, including the Primetime Emmy award-winning Digital Dailies solution. This acquisition also sets the course for PFT’s strategic expansion in North America. PFT will significantly enhance the value proposition to DAX’s marquee customers including major studios and broadcast networks, including Warner Bros. Television Studios, CBS Television Studios, 20th Century Fox Television Studios, Legendary Pictures, Fox Television Studios, A&E, Showtime, Starz, Relativity 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. “Digital Dailies is one of the first significant entry points to production on the cloud. PFT’s ClearTM Media ERP platform combined with DAX’s team and products will accelerate the realization of this vision”.
“PFT has tremendous resources at its disposal,” said Patrick Macdonald-King, CEO of DAX who 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.”
PFT pegs the global market for media asset management, workflow management, collaboration and media processing services at approximately $10 billion.
The transaction is subject to customary closing conditions and is expected to close in the coming weeks. PFT and DAX will be exhibiting together at the upcoming NAB Show 2014, and will showcase a number of Clear and DAX product releases.
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