Prime Focus Technologies To Acquire DAX

MUMBAI and LOS ANGELES Prime Focus Technologies has signed an agreement to acquire DAX for US$ 9.1 million in a performance-linked transaction.

PFT, through its U.S. subsidiary, will acquire all the assets of DAX for an upfront payment with balance payable over 3 years such that cash flows from the North American operations will support the payment.

This gives PFT ownership of DAX's patented technology and products including the Digital Dailies solution. This acquisition also sets the course for PFT's expansion in North America. The company will enhance the value proposition to DAX's customers, including studios, broadcast networks and independent production and distribution companies.

Beginning with its 250-person strong R and D and product development team dedicated to a single platform with rare media-centric IT skills, said Patrick Macdonald-King, CEO, DAX who will now assume the role of President and be part of the executive leadership team at PFT responsible for North America. 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.

The global market for media asset management, workflow management, collaboration and media processing services is pegged at approximately $10 billion. With content enterprises like broadcast networks faced with flat top lines2 and rising operating costs, organizations are increasingly attentive to solutions like virtualization of content supply chain operations, and media process outsourcing to enhance overall profitability, as well as top line, by realizing new media monetization opportunities in the multiscreen world.

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