The transaction is subject to regulatory approvals and expected to close in the coming weeks, said PFT, which is the technology arm of Prime Focus, a post production firm said.
Prime Focus Technologies (PFT) today said it will acquire US firm Dax , a leading provider of cloud-based production workflow and media asset management applications to entertainment industry, for USD 9.1 million (Rs 56 crore). The deal is expected to help the city-based technology company's strategic expansion into North America.
The transaction is subject to regulatory approvals and expected to close in the coming weeks, said PFT, which is the technology arm of Prime Focus, a post production firm, in a statement here. Publicly-traded Prime Focus is a global player in media and entertainment industry services, while the California-based Dax is a provider of production workflow and media asset management applications and services.
The acquisition gives PFT ownership of Dax's patented technologies and products, including the Primetime Emmy award winning Digital Dailies solution, the de-facto industry standard in television production. Dax's marquee customers include major studios and broadcast networks like Warner Bros, CBS, 20th Century Fox, Relativity Media, Legendary Pictures, Fox Television, A&E, Showtime, Starz Media and Lionsgate.
"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 PFT Founder & CEO Ramki Sankaranarayanan. Dax Chief Executive Patrick Macdonald-King, who will be President of PFT now, said the deal allows Dax to fulfil its vision and extends its file-based workflows.
Prime Focus stock price
On February 24, 2014, Prime Focus closed at Rs 27.75, down Rs 0.75, or 2.63 percent. The 52-week high of the share was Rs 44.50 and the 52-week low was Rs 23.75.
The company's trailing 12-month (TTM) EPS was at Rs 0.64 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 43.36. The latest book value of the company is Rs 22.11 per share. At current value, the price-to-book value of the company is 1.26.
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