Visual effects company DNEG has entered into a memorandum of understanding to acquire Prime Focus Technologies (PFT), which delivers cloud-based software and artificial intelligence technology for the media and entertainment industry.
PFT is a subsidiary of DNEG’s parent company, Prime Focus Limited, and has offices located across North America, the United Kingdom and India.
Upon conclusion of the proposed transaction, DNEG will acquire PFT’s media workflow and automation software suite, CLEAR, and purpose-built AI platform, CLEAR AI, which offer studios, broadcasters, and service providers 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 enable DNEG’s expansion into media tech and distribution services, including fulfillment, localisation and marketing, said the company.
The financial details of the deal have not been disclosed. PFT’s clients include Channel 4, Netflix, and Amazon.
“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,” said Namit Malhotra, DNEG chairman and CEO. “In concert with DNEG’s deals for several lines of production and post production services from Prime Focus Limited earlier this year, and our latest studio opening in Sydney, DNEG is truly a global, 24/7 force in the business.”
“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,” added Ramki Sankaranarayanan, founder and CEO of Prime Focus Technologies. “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. The transaction with DNEG will enhance PFT’s financial strength and stability and help in building longer-term relationships with our clients. DNEG provides PFT a halo of credibility and success, with its strong studio partnerships and relationships that we can leverage into growth opportunities in the future.”
