DAX is now CLEAR®

Address : 100 Corporate Pointe, Culver City, California 90230, United States

Industries : Entertainment

Company Description

Mumbai and Los Angeles, April 7, 2014: Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus (BSE code: 532748) today announced that it has completed the acquisition of DAX, a leading provider of cloud-based production workflow and media asset 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.