Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus today announced that it has completed the acquisition of DAX, a leading provider of cloud-based production workflow and media as
set management applications to the entertainment industry.
On March 11th, PFT announced a definitive agreement to acquire DAX for a base consideration of US$ 9.1 million in a uniquely structured performance linked transaction. PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment with balance payable over 3 years primarily from cash flows from the North American operations.
This acquisition gives PFT ownership of DAX’s patented technology (US Patent No: 7,660,416/ 8,218,764) and products including the Primetime Emmy award winning Digital Dailies solution which is the de-facto industry standard in television production. 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 (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.
The PFT-DAX combination creates an unrivaled industry leader offering a uniquely robust and dynamic stack of enterprise-class Media ERP solutions to Broadcasters and Studios. PFT and DAX will be exhibiting together at the upcoming NAB Show 2014 (booth SL#9605), and will showcase a number of CLEAR and DAX product releases including:
§ New content supply chain management tools to support TV Everywhere needs
§ Sneak preview of first-of-its-kind ‘CLEAR Production Hub’, a cloud application that fosters automation of production pipeline
§ Unveiling DAX Mobile for viewing iDailies on iPhone
§ Premiering DAX BOX co-developed with PFT – ‘DVR-like device’ to stream HD content at home, office or theatre