Prime Focus Technologies, the tech arm of Prime Focus, announced Monday that it has inked a deal to acquire DAX, whose services include cloud-based production workflow and media asset management applications.
PFT will acquire all DAX assets for $9.1 million, in addition to performance-based payouts. Cash flow from North American operations will support the payment.
PFT will now have ownership of DAX’s patented technology products including its Digital Dailies solution. The acquisition will also service PFT’s strategic expansion in North America as it begins to work with DAX’s customers, which include Warner Bros., CBS, 20th Century Fox and Fox TV Studios, Legendary Pictures A&E, Showtime, Starz, Relativity Media and Lionsgate as well as several indie production and distribution companies.
The transaction is expected to close in the coming weeks and PFT and DAX will be exhibiting together at the upcoming NAB show in April.