OSLO, NORWAY: Vizrt announced this week that it entered into a terms sheet with Swiss company LiberoVision AG, a provider of virtual sports enhancements. According to the proposed terms sheet, Vizrt will purchase all of the issued and outstanding share capital of LiberoVision in three installments: 60 percent upon signing the definitive agreement, 20 percent upon approval of LiberoVision’s 2011 financial statements, and 20 percent upon approval of its 2012 financial statements.
Consideration for the first 60 percent of the issued share capital of LiberoVision will be CHF 6 million (US$6.12 million) and may be increased by an additional 1 CHF million (US$1.02 million) should LiberoVision's 2010 EBIT exceed CHF 1 million.
Consideration for each additional 20 percent portion of the issued share capital of LiberoVision shall be calculated as 20 percent of 10x the EBIT for the applicable fiscal year. All installments shall consist of 80 percent cash and 20 percent Vizrt shares, trading on the Oslo Exchange at 5:25 p.m. local time at 24.50 Norwegian Kroner (CHF 4.08). The deal includes a commitment for the founders of LiberoVision to stay with the company for at least two years.
The transaction is subject to a financial and legal due diligence to Vizrt’s satisfaction and the parties reaching a definitive agreement.
“LiberoVision brings to Vizrt best of class additional capabilities to enhance sports broadcasts. Their products allow for live on-air review and analysis of events on the field, also from points of view not captured by cameras, a large and growing market,” said Vizrt chief Martin Burkhalter. “In creating a seemingly 3D environment for normal 2D broadcasts, this type of analysis provides yet another compelling way to tell a story, a key driver behind all our BG products. Efficiency, another key component, is provided in that LiberoVision’s technology does not require any additional in-stadium infrastructure.”
Dr. Stephan Würmlin Stadler, CEO for LiberoVision said “Many of our clients who are already using Vizrt systems have indicated they would like to see the two systems more closely integrated. Combining our companies therefore seemed to most logical way forward.”
LiberoVision currently offers two product lines:
“Libero Highlight provides realistic 3D replays that are indistinguishable from images produced by on-site television cameras. It enables the broadcaster to move the viewer‘s perspective to areas not covered by the in-stadium cameras, such as over-the-shoulder of the quarterback. Libero Offside was developed for instant offside analysis during soccer games. It is a dedicated application aimed at resolving offsides disputes during soccer games.” -- Deborah D. McAdams
Get the TV Tech Newsletter
The professional video industry's #1 source for news, trends and product and tech information. Sign up below.