Ambit Pragma invests in India's Prime Focus
Indian mid-market PE firm Ambit Pragma has invested in Prime Focus Technology (PFT), a subsidiary of Indian media services company Prime Focus.
PFT will use the capital to support development of its software-as-a-service (SaaS) products, including its flagship software CLEAR Media ERP, which aims to help customers in the media and entertainment industry build centralized content ecosystems. Financial details were not disclosed, but The Economic Times reported that Ambit Pragma took a 10% stake for $20 million.
The company plans to seek deeper penetration and growth in strategic overseas markets, including North America and Europe, by improving sales and marketing efforts. CLEAR Media ERP and PFT's cloud media services are already used by a number of global media companies, including Warner Bros, Miramax, Disney, and CBS Television Studios, among others. PFT also has more than 300 clients in India.
"The investment by Ambit Pragma is tremendous market validation of the business opportunity we serve and offers us growth capital to execute on our strategy for global leadership in the media ERP space," said Ramki Sankaranarayanan, founder and CEO of PFT, in a statement. "We are delighted to have a like-minded partner in Ambit Pragma who appreciates the realities and opportunities within the M&E industry."
In addition to its SaaS platform, PFT has moved to expand its services through strategic acquisitions. Its notable purchases include media productivity software developer DAX and film restoration house Lowry Digital, both in 2014.
PFT's parent Prime Focus is supported by Standard Chartered Private Equity; the GP invested $35 million in the company in 2012, and later committed an additional INR1.5 billion ($22.9 million) in 2015. The company provides visual effects and animation through Prime Focus World, creative services and post production through Prime Focus Group, and technology solutions through Prime Focus Technology.
Currently Ambit Pragma is investing out of its second fund. The vehicle launched in 2011 with a target of $150 million and reported a first close of $77 million in 2012; it has not reported a final close yet.
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