Vizrt Ltd. has entered into an indicative non-binding term sheet with TV2 Gruppen AS for the purchase of all of the issued share capital of Mosart Medialab AS ( Mosart ), a Norwegian private company active in the field of development and licensing of newscast automation software.
Mosart helps broadcasters streamline their workflow, automating a number of TV production tasks through software. The solution enables the creation of complex production with just a few operators through an easy-to-use software interface. Mosart takes input from the newsroom computer system to control systems and devices, while human resources remain in control and add the human touch.
I am excited about the possibilities this proposed transaction can bring to Vizrt and our customers. Mosart's technology is a perfect complement to our smart workflow solutions, and will enhance our offering to broadcasters on a global scale. Vizrt continues to innovate, and with this acquisition we further strengthen our position as the dominant player in the broadcast software market. stated Martin Burkhalter, Vizrt's CEO.
Burkhalter added, This transaction makes sense for us both strategically and financially. Mosart has shown strong growth, and we expect our due diligence to show the acquisition will be accretive.
Mosart's technology will enable us to simplify content production for our current and future customers. The proposed joining of forces will not just add products to our portfolio; it will also enable us to develop new integrated products and workflows that have the potential of being highly disruptive for the broadcast technology market. Integrating Mosart's technology with Viz Engine, for instance, would offer the market a very powerful and efficient tv-in-a-box-solution, stated Vizrt's CTO Petter Ole Jakobsen.
In consideration for the purchase of 100% of the issued share capital of Mosart, VIZRT shall pay, at the closing of the transaction, an amount of NOK 105 million (approximately USD 17.6 million). In addition, the sellers have an earn-out mechanism should the revenues for the years 2013, 2014 and 2015 exceed certain thresholds.
As part of the transaction, TV2 Gruppen AS shall continue to be granted a license for Mosart's software, in accordance with the current annual license fee charged by Mosart, of NOK 2.6 million per year for 7 years.
The indicative term sheet entered into is non-binding. The transaction is subject to a legal, financial, technical and operational due diligence review. Assuming the due diligence review is to Vizrt's satisfaction, subject to board of directors' approval, agreement on transaction documents, including a final share purchase agreement, and receipt of all required approvals, including regulatory approvals, the parties aim to conclude the transaction by December 31, 2013.
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Vizrt Ltd. has entered into an indicative non-binding term sheet with TV2 Gruppen AS for the purchase of all of the issued share capital of Mosart Medialab AS ( Mosart ), a Norwegian private company active in the field of development and licensing of newscast automation software.
