DNEG enters into MOU to acquire Prime Focus Technologies’ business; PFT is a leading provider of AI-powered media and entertainment cloud technology
We’re very excited to announce that DNEG today entered into a memorandum of understanding to acquire Prime Focus Technologies (PFT), a leader in cloud-based software and artificial intelligence (AI) technology for the media and entertainment (M&E) industry.
Upon completion of the transaction, DNEG will add the media workflow and automation software suite, CLEAR®, and purpose-built AI platform, CLEAR AI®, which offers studios, broadcasters, brands and service providers transformational solutions to help manage content, video collaboration and automation in the content production and distribution process.
Acquiring the software-as-a-service business of PFT will advance our position as an end-to-end solutions provider, further allowing our clients to realize the financial, operational and strategic benefits of managing the entire lifecycle of their content with one trusted partner.
Speaking about the transaction, DNEG Chairman and CEO Namit Malhotra said:
“DNEG is the entertainment industry’s go-to premium turnkey solutions provider thanks to organic market share expansion and key, strategic acquisitions, including today’s MOU with PFT. Bringing PFT’s business under the DNEG umbrella is the next logical step for our company to further develop its expertise across the content lifecycle, through post-production, content management and distribution. Consequently, DNEG has secured another avenue for future growth and an ability to innovate faster and provide more value to clients.”
Ramki Sankaranarayanan, Founder and CEO of Prime Focus Technologies said:
“Prime Focus Technologies is thrilled to be joining DNEG and becoming part of the company’s global solutions offering for an impressive and growing array of clients and operations. PFT is committed to offering customers digital transformation solutions that help automate the content supply chain. This transaction will be a positive step forward for both our existing customers and for prospective clients.”
How PFT’s business will fit into DNEG’s service offerings:
- PFT’s business includes the intellectual property of the company and its 1,700 employees (including approximately 300 software engineers) located across North America, the United Kingdom, and India.
- CLEAR® is a cloud-native media asset management (MAM) platform which automates the content supply chain, including managing localization and fulfillment.
- CLEAR AI® is an AI and machine learning platform built exclusively for solving specific media and entertainment challenges in content management, content creation and monetization.
- Acquisition of the aforesaid business will allow DNEG to extend its client service offering, to provide an industry-leading, end-to-end and integrated set of services from pre-production to distribution fulfillment.
- Acquisition will provide a range of benefits to DNEG’s clients:
- Operationally – will unlock efficiencies of managing all content through one platform with one trusted partner
- Financially – will enable the cost advantages of bundling creative, technology, and fulfillment services with one partner across the lifecycle of the content
- Strategically – will enable content creators to unlock extra value in their content through localization and new monetization opportunities
- Clients associated with PFT’s business include major media and entertainment companies like Amazon, BCCI / IPL, Channel 4, Lionsgate, Netflix, Paramount, PBS, Sinclair Broadcast Network, Star TV / Disney, Tata Play and Warner Media Discovery.
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