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.