Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus has signed a definitive agreement to acquire DAX, a provider of cloud-based production workflow and media asset management applications, for a base consideration of $9.1 million. PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment with balance payable over three years.
The acquisition gives PFT ownership of DAX's patented technology and products including the Digital Dailies solution. With the acquisition, PFT also hopes to expand in North America. Patrick Macdonald-King, current CEO of DAX, will become the president for the region.
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 (pictured), 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 realisation of this vision.
PFT has tremendous resources at its disposal, added Macdonald-King, beginning with its 250-person strong R&D and product development team dedicated to a single platform with rare media-centric IT skills. 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.
www.primefocustechnologies.com
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Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus has signed a definitive agreement to acquire DAX, a provider of cloud-based production workflow and media asset management applications, for a base consideration of $9.1 million. PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment with balance payable over three years.
