ITV

Category: Post Production

  • PFT raises Rs 45 crore through optionally convertible debentures

    PFT raises Rs 45 crore through optionally convertible debentures

    MUMBAI: Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus is really upping the ante, as it raised Rs 45 crore through a private placement of optionally convertible debentures (OCDs) from a diverse base of High Net-worth Individuals.

     

    The investors will have an option to convert up to 25 per cent of the total principal amount or around Rs 11 crore into equity of PFT after two years. The firm said this puts a base equity valuation of PFT at Rs 1,100 crore. This means the unnamed investors may get around one per cent stake for part conversion of the OCDs.

     

    The company will use the fund raised to fuel its expansion plans of cloud technology product, namely CLEAR in the global markets and also to peel debt.

     

    “Through this attractively structured instrument, we have secured growth capital while broad-basing our investor base and at the same time creating a compelling opportunity for shareholder value creation at PFT as well as the ultimate shareholders at PFL level,” said PFT founder and CEO Ramki Sankaranarayanan in a statement.

     

    CLEAR Media ERP claims to be a pioneering solution and market leader with the world’s biggest broadcasters and distribution networks using it for managing their revenue and time critical content operations. PFT’s innovative hybrid cloud technology platform virtualises the content supply chain and helps media and entertainment organisations manage the business of content. CLEAR already hosts and manages over 350,000 hours of content and delivers more than 200 TV shows a day.

     

    PFT has grown at over 150 per cent on a year-on-year basis since inception six years ago and aims to replicate its initial success with broadcasters in the North American studio production segment, the statement said.

     

    Recently, PFT acquired US-based DAX LLC, a provider of cloud-based production workflow and media asset management applications, for Rs 56 crore in a performance-linked transaction.

     

    DAX is the creator of the Primetime Emmy Award winning Digital Dailies, which is the de facto industry standard in TV production.

     

    CLEAR, PFT’s award-winning Hybrid Cloud technology enabled Media ERP platform and digital content services help broadcasters, studios, advertisers, sports bodies, news agencies, the government and service providers drive creative enablement, enhance ecosystem efficiencies and sustainability, reduce cost and realize new monetisation opportunities.

     

    PFT works with major content owners like Bloomberg, Disney, Warner Bros., News Corporation owned Star TV, Zee TV, Eros International, Sony Music, Viacom 18, MSM, BCCI (Board of Control for Cricket in India), IPL (Indian Premiere League), Hindustan Unilever Limited, The Associated Press, A & E TV Network and Schawk!

     

    Prime Focus’ worldwide network of studios and WorldSourcing model supported by a Global Digital Pipeline allows PFT to offer customers transformational solutions that help them virtualise business processes around content and manage the business of content better.

     

    PFT had announced a net profit of Rs 2.69 crore from revenues of Rs 52.44 crore for the quarter ended 31 December, 2013. This is a big jump from the Rs 51.07 crore loss posted in the same time the previous year from revenues of Rs 43.94 crore.

     

    The technology business and the visual effects business contribute to about 84 per cent of the company’s revenue. The technology division alone grew 112 per cent year-on-year in Q3-FY14 driven by an increasing adoption of CLEAR as well as addition of new services around it, the company said during its earnings call.

     

    Following the announcement yesterday, Prime Focus’ shares hit a high of Rs 31.15 and a low of Rs 29.70 so far during the day. The stock had hit a 52-week high of Rs 43.05 on 9 April 2013. The stock had hit a 52-week low of Rs 23.75 on 5 December 2013.

  • Prime Focus Technologies completes acquisition of DAX

    Prime Focus Technologies completes acquisition of DAX

    MUMBAI: Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus today announced that it has completed the acquisition of DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry.

     

    On 11 March, PFT announced a definitive agreement to acquire DAX for a base consideration of $ 9.1 million in a uniquely structured performance linked transaction. PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment with balance payable over three years primarily from cash flows from the North American operations.

    The acquisition gives PFT ownership of DAX’s patented technology (US Patent No: 7,660,416/ 8,218,764) and products including the Primetime Emmy award winning Digital Dailies solution which is the de-facto industry standard in television production.

    It also sets the course for PFT’s strategic expansion in North America. PFT will significantly enhance the value proposition to DAX’s marquee customers including major studios and broadcast networks (Warner Bros. Television Studios, CBS Television Studios, 20th Century Fox Television Studios, Legendary Pictures, Fox Television Studios, A&E, Showtime, Starz, Relativity Media and Lionsgate) and many independent production and distribution companies.

    The combination now creates an unrivaled industry leader, offering a uniquely robust and dynamic stack of enterprise-class Media ERP solutions to broadcasters and studios claims the technology arm of Prime Focus.

  • Maya inviting medium size studios to join as Animation Associate Partners

    Maya inviting medium size studios to join as Animation Associate Partners

    MUMBAI: Maya Digital Studios, the company that pioneered the art & technology of animation & visual effects in India is exploring association opportunity with medium-sized studios for Maya’s projects. Delivering 300 minutes of animation per month, Maya has two successfulIPR in 3D animation, Motu and Patlu & VIR on floor production and has ventured into 2D animation. Maya Digital Studios is inviting freelancers and animation studios to be their associate partners.

     

    Mr. Ketan Mehta, Chairman & Managing Director, Maya Digital Studios,said, “As per the recent FICCI KPMG report, the Indian motion picture and television industry is one of the largest and fastest growing sectors, contributing USD 8.1 billion (c. INR 50,000 Cr.) to the country’s economy, equating to 0.5% of GDP, in 2013. With our entry into 2D animation and new IPR’s we are exploring this wide opportunity in the domestic TV content market”. He further added, “We strongly believe that all Indian studios need to come closer and work together as a synergy to take the Animation industry ahead”.

     

    Maya Digital Studios has also appointed Mr. Asif Khan as the ‘Outsource Project Producer’to appoint well equipped studios who are ready to adhere by the quality and quantity standards set by Maya. He is on a city filtration tour to appoint associate partners for Maya’s project.

     

    “I am very happy to join Maya Digital Studios and am looking forward to my new stint as an Outsource Project producer here. We have lot of good projects in pipeline and are currently looking at associating with medium to small size studios and freelancers with great skillsets and appetite to take on new projects”, said Mr. Asif Khan, Outsource Project Producer, Maya Digital Studios. “I am currently meeting studios in Mumbai, Pune, Indore, Bangalore, Hyderabad, Kolkata and Chennai to sign up associate partners”, he further added.

     

    Interested studios and freelancers can contact Mr. Asif Khan @ 09870200045 or email their profile on asif.khan@mayadigitalstudios.com

  • Prime Focus World’s 3D solutions for filmmakers

    Prime Focus World’s 3D solutions for filmmakers

    Of late, several projects have deployed the process of making stereo images from non-stereo traditional 2D images, also called stereo conversion or dimensionalisation or 3D imagery. And one of the leading stereo conversion studios, Prime Focus World, has had a very successful track record of converting 2D films into 3D, and assisting filmmakers shoot in 3D during the filming process itself.

    While it is generally the directors and filmmakers who reach out to Prime Focus World to convert a 2D film into a 3D one, right from the scripting stage to pre-production and production, the studio too seeks out filmmakers to show them the possibilities of converting their films into 3D.

    Prime Focus World senior stereoscopic supervisor Justin Jones has worked with clients including Lucasfilm, Dreamworks Animation, Paramount Pictures, Relativity Media and Warner Bros, apart from collaborating with Industrial Light & Magic visual effects supervisors, John Knoll and Dennis Muren.

    Jones’ mandate is to oversee the creative aspect of 3D projects. Early in the project cycle, he collaborates with the client to develop a creative strategy and establish the show structure and workflow. He works closely with the show’s producer to conduct shot analysis, schedule consultation, departmental organisation and pipeline development. It is also part of Jones’ job to keep tab on the progress made by the show across teams in North America, India and the United Kingdom.

    Coming to technicalities, stereoscopic 3D is currently found in four basic formats, including anaglyph (red-cyan), polarised passive (movie theatres and many 3DTVs), active-shutter (DLP projectors and many 3DTVs) and autostereoscopic (parallax barrier like Nintendo 3DS). The tools used for stereo conversion are roto, ocula, in-painting, rubber mapping and projection. Of which, roto is the primary tool used for stereo conversion by volume. While roto just prepares the material, it is the most time-consuming portion of the conversion process.

    “Roto really helps us achieve perfect conversion and helps artistes to have greater control over each pixel during the final conversion process,” says Jones.

    While stereo conversion mainly relies on these tools, there is more to it than just the technical aspect. Many a times, there are creative differences between the studio and filmmakers but Jones believes in first visualising what the director wants and then sitting with the team and ideating on how best to utilise the shots and scenes for perfect conversion into 3D.

    “We convert a few shots and scenes and take it back to the filmmakers to show the difference between 2D and 3D, allowing them to give feedback and implementing it to see if it is beneficial to the conversion,” says Jones.

    With so much to and fro, the entire process is bound to be time-consuming. However, Prime Focus sticks to a very strict schedule to meet deadlines. “We have a track record of converting films in record time and with the right visual effects. What also helps is the abundance of resources that we have at our disposal. On any given project, we would have anywhere between 400 and 450 artistes,” exults Jones. A three-month window is usually kept for every project so as to allow time for final stage testing and checking footage in detail. Jones reveals that The Wizard of Oz (1939) took nearly 14 months from the early stages where the character design was mapped out on paper, which alone took 10 weeks.

    On the whole, it’s been a satisfying journey, what with hours, days, weeks and months of hard work being put in.

    Every project has been unique. Jones recalls doing a lot of stereo renders on Avatar and helping director James Cameron with stereo aspects as well. “Whatever Cameron shot, we worked alongside the stereographers of his team to bring out the best visual result, and were commended for our dedicated efforts,” he says. Working on Transformers alongside Michael Bay and Cory Turner was equally enjoyable, and “Working on Star Wars was a personal high as it is one of my favourite movie franchises. Working with Lucasfilm was a great experience as they have really been doing some great work in the field of advanced technology used in movies,” he says.

    Jones is excited about his current projects which includes Sin City 2: A Dame to Kill For. About the sequel to Sin City, he says, “We are doing all the special effects for the film and the concept, design and executing the visual effects, apart from doing all the stereo effects.”

    Ask him about 3D vs. 2D and he says it all depends on how much thought has really gone into the making of the 3D film. He gives the example of Cameron who was dead sure his film would be in 3D even before starting work on it, which is why he ensured the best use of technology. Ditto for Gravity, which took months of pre-production and visualizing a posse of camera angles and shots before getting made in 3D.

    “The idea is to offer an immersive experience for the viewer. That said, if the film is first shot in 2D and then converted into 3D, it doesn’t necessarily lose out on a great 3D proposition. What is required is a great stereographer who can visualise and find those places that can be used to enhance the 3D effect in the film and bring about an immersive experience. The idea is never to look like a gag for the audience by just throwing things at them in the theatres, but to give them a memory of taking back an experience, not just a movie,” sums up Jones. He is quick to add however that a good 3D effect can never make a bad movie get a good review; “You need to have a good script in place and each aspect of the film needs to be rock solid for great BO and critical acclaim,” Jones ends.

  • Reliance MediaWorks delisting: Shareholders offered Rs 61 per share as exit price

    Reliance MediaWorks delisting: Shareholders offered Rs 61 per share as exit price

    MUMBAI: The process of delisting of the Anil Ambani owned Reliance MediaWorks Ltd (RMWL) is gathering pace.  Reliance Land and Reliance Capital which are facilitating the delisting  today informed the Bombay stock exchange (BSE) and the National stock exchange (NSE) that the final price at which the public shareholders’ equity will be acquired by them is Rs 61 per equity share   – a premium of 25.39 per cent over the floor price of Rs 48.65. The RMWL share has a face value of Rs 5.

     

    In a filing with both the exchanges, the two companies stated that the public shareholders were invited to submit bids pursuant to a reverse book-building process (RBP) between 20-26 March electronically through the BSE  and arrived at the exit price.

     

    The filing further states that both Reliance Land and Reliance Capital will pick up all the equity shares validly tendered at or below the exit price and RMWL  shareholders, who have validly tendered shares, will be paid the consideration at the exit price.

     

    The RMWL board had on 20 January approved the delisting offer which was later cleared by the shareholders. And in March, the two promoter companies of the firm had offered to buy back shares worth at least Rs 251 crore from public shareholders as part of its delisting. 

     

    Shares of RMWL were trading at Rs 59.05 per scrip on the BSE in the afternoon trade, up 1.72 percent from the previous close.

  • Maya Digital Studios launches its 2D animation department

    Maya Digital Studios launches its 2D animation department

    MUMBAI: One of the pioneers in the art and technology of animation and visual effects in India – Maya Digital Studios – has announced its entry into 2D animation. The studio has launched its new 2D animation department with advance technology and facilities. After the huge success of its IPRs, Motu Patlu and Vir in 3D, Maya is now aiming to create a benchmark in 2D segment of domestic television.

     

    Maya Digital Studios chairman and MD Ketan Mehta said in a press statement: “India’s animation sector is growing at a rapid pace. Also there is an increased use of animation in TV advertisements creating a need for good animation studios with 2D and 3D specialisation. As per FICCI KPMG report 2014, the Indian TV advertisement industry size is expected to increase from Rs 136 billion in 2013 to Rs 253 billion in 2017 at a CAGR of 13 per cent. As the advertising industry grows it is expected that the share of animation driven advertisements will also grow, given that animated advertisements usually strike a better chord with the target group of children and young adults. Hence it was a very strategic move to introduce 2D animation at Maya Digital studios.”

     

    Marking the launch of its new 2D animation department, Maya Digital Studios is also hiring professionals for the position of concept artists, storyboard artists and story screenplay artists for their new department.

     

    Commenting on the expansion of animation industry, Mehta further added: “The current size of the industry is estimated at US$ 247 million and expected to grow at 15-20 per cent per annum. Indian animation companies and studios have been moving up the value chain to create their own intellectual property rights. 2D animation software is a fun way to create amazing scenes from one’s imagination; hence our new 2D animation segment allows us to build more IPR’s.  We are already in talks with broadcasters for two new IPR’s and are extensively looking at tapping the domestic television industry in coming years.”

     

    Maya Digital Studios has specialised in stereoscopic 3D and offers services for S3D visual effects, S3D CG rendered animation and with the new 2D animation department is all set to capture the growing Indian market.

  • Reliance MediaWorks: 400 and counting…

    Reliance MediaWorks: 400 and counting…

    MUMBAI: The field of visual and special effects is really gaining ground in films nowadays and a company that has done some great work in this area is the Anil Dhirubhai Ambani run Reliance MediaWorks – the media and techno-creative solutions provider and a part of the Reliance Group.

    The company commemorated the landmark achievement of completing 400 films with a star studded event graced by accomplished cinematographers, directors and producers that Reliance MediaWorks has worked with including Mahesh Limaye behind the Dabangg fame, Anil Mehta renowned cinematographer behind Saathiya, Laagan and Ketan Mehta director of Mangal Pandey: The Rising, to name a few.

    Reliance MediaWorks CEO Venkatesh Roddam in a statement said: “At Reliance MediaWorks we have always believed in adding value to the filmmaking process by keeping up to date with the latest technology and techniques. The completion of 400 Films is a testimony of our commitment and hard work.”

    Set up in 2008 as Asia’s first digital intermediate lab with a 4K facility, the Reliance film lab has revolutionised the way films are processed in India. Having worked with reputed production houses such as Dharma Productions, Yashraj Films, Balaji Motion Pictures and Red Chillies Entertainment, amongst others, its consistent efforts have helped reduce the costs of films and increase the speed of overall production.

    Amole Gupte with the team of Reliance MediaWorks

    Reliance MediaWorks also offers cutting edge VFX Solutions to Indian and International productions through its state of the art VFX studios in LA, London and Mumbai. With specialisation in highly complex VFX, the company and its team of award winning artists stand at the forefront of an extremely dynamic world of VFX production.

    Reliance MediaWorks post production services president Krishna Shetty added: “Digital filmmaking has opened up greater possibilities and opportunities for filmmakers than ever before. Every movie, from the massive big budget blockbusters, to the small independent films made on a shoestring budget, has been influenced by the advents in digital technology and filmmaking. We look forward to continuing our efforts to reinvent the ways in which movies are viewed.”

    Equipped with a state of the art DI facility to cater to film, TV and web related video content, the team has worked on a slew of recent blockbusters that include Chennai Express, Goliyon Ki Raasleela Ram Leela, Krrish 3, Yeh Jawaani Hai Deewani, 3 Idiots and Singham, amongst others.

    (L-R) Mahesh Limaye, Nishith Shetty, Ketan Mehta, Anil Mehta, Anita Kaul Basu, Siddharth Basu and Venkatesh Roddam

     

  • Entertainment industry needs a reality check in terms of economics: Venkatesh Roddam

    Entertainment industry needs a reality check in terms of economics: Venkatesh Roddam

    MUMBAI: Media and entertainment firm (known for its post production and VFX capabilities)  Reliance MediaWorks (RMW) CEO Venkatesh Roddam met us at the recently concluded FICCI Frames 2014. The man, who exuded a lot of positivity in his conversation infused with humour, seemed to be quite upbeat about the feat the company has just achieved of providing post production services to 400 Indian films so far.

     

    By the end of 2011, the number was 110. Roddam doesn’t think the meteoric rise is because of him. Roddam, who became RMW CEO in 2011, feels its growth is a result of the inclusive structure that it has in place. With enough humility, he confesses that while he takes all the money and business related decisions, it’s the team that keeps RMWL ticking.  “If you ask me specific questions, you will normally find me at a loss for answers,” he professes as he introduces Nishit Shetty, the company’s vice-president, operations who has a handle on what’s going on day to day.

     

    However, taking the conversation forward, he says, “In the entertainment business, creativity is just one part; it has to be backed by economics.” He puts forward an interesting example of Life of Pi. “Even as Rhythm & Hues the company was bagging a visual effects Oscar for it, its founders had decided to go ahead with a bankruptcy filing,” he says.  “That is not something that should happen. And at the end of the day the purpose of the business is to make money. The industry globally needs to have a reality check about the economics. ”

     

    Nishit decides to dive into the conversation as he talks about the VFX studio’s initial foray into post-production in 2008 with the film Sarkar Raj. “It was a gradual process. We were taking up projects slowly,” says Nishit. RMW has worked on visual effects for several international and domestic films. Transformers 3 – The dark of the Moon, Conan the Barbarian, Expendables 2, GI Joe Retaliation, Chennai Express, Queen, and many southern and Bengali films figure on its slate. In fact, in the time to come the company is looking to tap the regional film industry even more.

     

    Also, now Nishit says that RMW is reaching out to a new constituency: that of smaller film production houses and independent filmmakers. “There’s a lot of business potential in that segment as a lot of new filmmakers are coming up with great ideas and need better presentation,” he reveals.

     

    “At RMW we have always believed in adding value to the film making process by keeping up to date with the latest technology and techniques which has worked in our favour,” highlights Roddam.

     

    RMW is looking at expanding its Big Cinemas theatrical exhibition chain.  “So say, if right now we have 260 total screens, we may increase that by around 50 more in the next 12 to 18 months,” he says.

     

    “Our operating margins have continuously increased over the years. We have a distinct advantage of having a presence of screens both in semi-urban and semi-rural areas. We will continue to expand this year to offer an experience like none other to our patrons while at the same time keeping an eye for growth coupled with good profits,” remarks Roddam, adding that it doesn’t want to offer just a good cinema viewing experience to its patrons “but a holistic one with a strong focus on retail, food and beverage, gaming amongst others”.

     

    Another big development is the building up of studios (shooting floors) at the Film City in Mumbai. The company already has two fully functional studios there since the last two years, now Roddam informs that a major studio was commissioned this month which is positioned as the “largest studio in Asia” and four other stages are to be commissioned by the end of May.

     

    The company is also looking to expand its TV production wing – Big Synergy which is headed by the legendary Siddharth Basu – with path-breaking non-fiction programming. However, Roddam wants to keep the details for another conversation.

  • Namit Malhotra nominated to International 3D and Advanced Imaging Society’s 2014 Board of Governors

    Namit Malhotra nominated to International 3D and Advanced Imaging Society’s 2014 Board of Governors

    MUMBAI: Namit Malhotra, founder of Prime Focus (and Chairman & CEO, Prime Focus World) has been nominated to the prestigious 2014-15 Board of Governors of the International 3D and Advanced Imaging Society. 38-year old Namit is the first ever Indian to make it to the Board of the global Society. Incidentally, Prime Focus World had won the Society’s annual Creative Arts award in ‘Theatrical Motion Picture — Outstanding 2D to 3D conversion’ category for its spectacular work on Gravity in late January.

    Mike DeValue, Director of Advanced Technology at The Walt Disney Studios, and Tom Cosgrove, President and CEO of 3net and 3net Studios will serve as co-chairs. Kappei Morishita, Vice President and General Manager at Panasonic Hollywood Labs (PHL), will serve as the Society’s vice chairman.
     

    Commenting on the nomination, Namit Malhotra, Founder of Prime Focus (and Chairman & CEO, Prime Focus World) said, “it is a great honor to be part of the Society’s board and be collaborating with the brightest minds in the industry comprising of content creators, creative service providers, technology companies and delivery platforms. Post the unprecedented success of Gravity, 3D has regained its rightful position under the sun, and audiences and filmmakers alike are looking at 3D in a whole new way as an enabler of compelling story telling. I look forward to interesting times.”
     

    Nominated as governors also were Grant Anderson of Creative Monster Productions, Paul Becker of Gener8, cinematographer Matt Blute, Chuck Comisky of Chromium Labs 3D, Doug Davis of BitSpeed, William Foote of Samsung Electronics, Ron Geller of Dolby Labs, Thierry Henkinet of Volfoni, Matt Liszt of MasterImage 3D, Ingo Nadler of 3doo, Barry Sandrew of Legend 3D, Steve Schklair of 3ality Technica, William Sherak of StereoD, Lisa Truitt of National Geographic Cinema Ventures, Corey Turner of Paramount Pictures (News – Alert), Mark Turner of Dolby Labs, and Bob Whitehill of Pixar.
     

    “3D movies and premium content formats continue to be a strong part of the entertainment industry’s business plan. In 2013 alone, 16 of the top 20 highest grossing worldwide box office movies were 3D feature films. And over the last 5 years, 11 3D movies have been honored with a remarkable 30 Academy Awards,” stated Society President Jim Chabin. “With professional members in the US, China, Japan, Canada, the UK, and the EU, the Society is truly at the intersection where movies, television, games, and media will build their futures as premium consumer experiences. Our board brings together the world’s best experts on the media of tomorrow. They help insure that we will maximize the return on all of our investments in content and digital technology,” said Society President Jim Chabin.
     

    The International 3D & Advanced Imaging Society was founded by leading creative stakeholders, including The Walt Disney Studios Motion Pictures, DreamWorks Animation (DWA), Sony, Paramount, IMAX, Dolby, Panasonic, MasterImage and others to advance the creative arts and sciences of stereoscopic 3D and 4K. With chapters in the U.S., China, Japan, Canada, the E.U. and the U.K., the organization has more than 1,800 professional members in over 20 countries active in improving the arts and technologies of 3D and 4K excellence. The organization hosts professional education seminars and awards throughout the world.

  • Prime Focus Technologies to acquire US-based DAX for Rs 56 crore

    Prime Focus Technologies to acquire US-based DAX for Rs 56 crore

    MUMBAI: Prime Focus Technologies (PFT), the technology subsidiary Prime Focus, today announced that it has signed a definitive agreement to acquire DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry for a base consideration of $ 9.1 million (about Rs 56 crore) in a uniquely structured performance linked transaction.

     

    Prime Focus is a global leader in providing media and entertainment industry services.

     

    PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment and with balance payable over 3 years such that cash flows from the North American operations will support the payment.

     

    This acquisition gives PFT ownership of DAX’s patented technology and products including the Primetime Emmy award winning Digital Dailies solution which is the de-facto industry standard in television production. This acquisition also sets the course for PFT’s strategic expansion in North America. PFT will significantly enhance the value proposition to DAX’s marquee customers including major studios and broadcast networks (Warner Bros. Television Studios, CBS Television Studios, 20th Century Fox Television Studios, Relativity Media, Legendary Pictures, Fox Television Studios, A&E, Showtime, Starz Media and Lionsgate) and many independent production and distribution companies.

     

    “Our vision is to build the best enterprise platform for Production on the Cloud by taking a fresh look at media workflows through the lens of a studio that wants to efficiently collaborate across divisions with its entertainment content before, during and after the production phase,” said Ramki Sankaranarayanan, Founder and CEO, PFT.

     

    “Digital Dailies is one of the first significant entry points to Production on the cloud. PFT’s CLEARTM Media ERP platform combined with DAX’s team and products will accelerate the realisation of this vision”.

     

    “PFT has tremendous resources at its disposal,” said Patrick Macdonald-King, CEO, DAX who will now assume the role of President and be part of the executive leadership team at PFT responsible for North America. “Beginning with its 250-person strong R&D and product development team dedicated to a single platform with rare media-centric IT skills. This marriage allows DAX to fulfill its vision and extends DAX’s support of file-based workflows across the enterprise. PFT’s arsenal of media-centric technology tools will drive the DAX product offering to a new level. For DAX customers, it’s important to note that all tech support, client services, product design and account management will remain in Los Angeles, but also expand to the PFT offices in New York and London to better service the East Coast and Europe.”

     

    The global market for media asset management, workflow management, collaboration and media processing services is approximately $10 billion. With content enterprises like broadcast networks faced with flat top lines and rising operating costs, organisations are increasingly attentive to solutions like virtualisation of content supply chain operations, and media process outsourcing to enhance overall profitability as well as top line by realising new media monetisation opportunities in the multi-screen world.

     

    “PFT’s CLEAR platform is the most scalable and feature rich application I have seen in the market and its laser like focus on servicing the media industry is unique,” said Macdonald-King. “Most of the competition is focused on single point solutions that further cement the siloed approach which is detrimental to long term agility and sustainability of media businesses.”

     

    The transaction is subject to customary closing conditions and is expected to close in the coming weeks. PFT and DAX will be exhibiting together at the upcoming NAB Show 2014, and will showcase a number of CLEAR and DAX product releases.

     

    “The biggest broadcast networks in the world run CLEAR Media ERP platform to manage their content supply chain,” informs Ramki. “Managing 200 TV shows every day and over 350,000 hours of content has made CLEAR a world leader in the Media Cloud solutions market. We would like to extend this leadership to Production by tapping into the creative process in a more holistic way, empowering studios to truly transform the entertainment paradigm. DAX takes us closer to this goal,” concluded Ramki.