Prime Focus Technologies to buy Culver City firm DAX
Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus (BSE code: 532748) today announced that it has signed a definitive agreement to acquire DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry for a base consideration of US$ 9.1 million (~INR 56 cr) in a uniquely structured performance linked transaction. PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment and with balance payable over 3 years such that cash flows from the North American operations will support the payment. 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.