Prime Focus to buy US-based cloud firm Dax for Rs 56 cr

Prime Focus Technologies (PFT) today said it will acquire US firm Dax, a leading provider of cloud-based production workflow and media asset management applications to entertainment industry, for USD 9.1 million (Rs 56 crore).
The deal is expected to help the city-based technology company's strategic expansion into North America.
The transaction is subject to regulatory approvals and expected to close in the coming weeks, said PFT, which is the technology arm of Prime Focus, a post-production firm, in a statement here.
Publicly-traded Prime Focus is a global player in media and entertainment industry services, while the California-based Dax is a provider of production workflow and media asset management applications and services.

The acquisition gives PFT ownership of Dax's patented technologies and products, including the Primetime Emmy award winning Digital Dailies solution, the de-facto industry standard in television production.
Dax's marquee customers include major studios and broadcast networks like Warner Bros, CBS, 20th Century Fox, Relativity Media, Legendary Pictures, Fox Television, A&E, Showtime, Starz Media and Lionsgate.
"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 PFT Founder & CEO Ramki Sankaranarayanan.

Dax Chief Executive Patrick Macdonald-King, who will be President of PFT now, said the deal allows Dax to fulfil its vision and extends its file-based workflows.