PE-backed Prime Focus to acquire Dax
India's Prime Focus Technologies (PFT), a unit of PE-backed movie effects and entertainment company Prime Focus, is to acquire DAX, a developer of a cloud-based workflow software-as-a-service (SaaS) for the media industry, for $9.1 million.
PFT - which will acquire all the assets of DAX via its US subsidiary - will make its investment through a series of performance-linked tranches over three years with cash flows from its North American operations supporting the payment.
According to a statement, the deal will give PFT ownership of DAX's patented technology. This includes DAX's Emily award-winning Digital Dailies platform, a work flow management tool used in film and television industry for processing raw footage in post-production.
PFT, which has its own content management system known as Clear, hopes the combination will make it an industry leader and accelerate its expansion into North America. DAX's clients include a number of major studios and television companies, among them are Warner Bros, CBS Television Studios, 20th Century Fox, Legendary Pictures, Showtime and Lionsgate.
In June last year Prime Focus' special effects division - Prime Focus World - received a $53 million commitment from Macquarie Capital. During same period revealed plans to opening an office in Beijing in order to tap into the growing Chinese film market.
Prior to that - in March - the company entered a joint venture with Hong Kong private equity firm AID Partners and Zhejiang Jingqi Wenhua Chuanbo Company; at the same time, AID Partners injected $10 million into PFW.
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