Media Tech SPAC (MTS), a special purpose acquisition company operating in the media space, has announced that it has agreed to acquire Drylab A/S, a leading film and TV production SaaS platform in Scandinavia. The acquisition is expected to complete in the coming weeks with the combined businesses renamed Drylab Media Tech plc (www.drylab.io).
Drylab was founded by award-winning filmmakers John Christian Rosenlund, Audun Vaaler and Stein Kvae, and is used in more than 90 per cent of productions in Norway and Sweden including hundreds of high-end productions with global distribution from the likes of Netflix, HBO, Paramount and BBC. Additionally, Drylab has been used on set for productions such as George Clooney’s Catch-22 and more recently the 2022 Oscar-nominated film The Worst Person in the World. The founders will remain with the new combined business.
“We are pleased to have come to this agreement with Drylab. John, Audun and Stein have built a world-beating production platform that I wish we had in our early days. The efficiency gains by using such a digital platform would have made our lives easier,” said John Mahtani, CEO of Media Tech SPAC plc, who will assume the role of CEO of the combined business.
“The global film and video market is on a significant growth trajectory having reached a value of nearly $234.9 billion in 2020 and expected to reach $318.2 billion by 2025 and $410.6 billion by 2030. We hope to use our network to access markets Drylab haven’t been able to and look forward to reporting on our progress in due course.”
Audun Vaaler, CEO and CTO of Drylab A/S, added: “Drylab was founded by filmmakers to develop systems and technology to assist our own filmmaking. We believe we offer solutions that are not offered as a package by anyone else. This mainly paper-based industry of ours is ripe for disruption and we are delighted to join MTS, which will enable us to leverage their unparalleled network and reach new geographies. We look forward to working with them in achieving this vision together.”