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Prime Focus to gobble DAX for Rs 56 crore
MUMBAI: Prime Focus Technologies, the technology subsidiary of post-production company Prime Focus, has agreed to acquire California-based DAX, whose services include cloud-based production workflow applications for Hollywood movies.
The company will pay DAX Rs 56 crore ( Rs 560 million) for the complete buyout. After making an upfront payment of Rs 4.8 crore ( Rs 48 million) and provide an additional Rs 8 crore ( Rs 80 million) for working capital. The remaining amount will be coughed out over three years. Cash flow from North American operations will be used to make the payment.
The purchase will help Prime Focus have ownership of DAK’s patented technology including its Digital Dailies solution. The deal will fuel Prime Focus’ expansion in North America. DAX’s client list includes big names like Warner Bros., CBS, Lionsgate, 20th Century Fox and Fox TV Studios.