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Prime Focus Technologies (PFT), a subsidiary of BSE-listed Prime Focus, has acquired US-based DAX for Rs 56 crore ($9.1 million).
DAX is a provider of cloud-based production workflow and media asset management applications to the entertainment industry.
PFT through its US subsidiary will acquire DAX’s assets for an upfront payment and with balance payable over three years such that cash flows from the North American operations will support the payment, the company said in a statement.
The acquisition gives PFT ownership of DAX’s patented technology and products including the Primetime Emmy award winning Digital Dailies solution which is an industry standard in television production. This acquisition also sets the course for PFT’s strategic expansion in North America.
“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 Ramki Sankaranarayanan, Founder and Chief Executive Officer at PFT.
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