The DNEG Group has announced the completion of its acquisition of Prime Focus Technologies (PFT).
PFT, which was previously a subsidiary of the Group’s parent company Prime Focus Limited, has offices across North America, Europe, and India.
The acquisition, which was previously announced with the issue of a memorandum of understanding on April 13, 2023, boosts DNEG’s technological capabilities with PFT’s media workflow and automation software suite, CLEAR, and
CLEAR AI, a multi-modal Gen AI platform powered by ‘Machine Wisdom’ technologies, purpose built for the M&E industry.
CLEAR and CLEAR AI offer streaming platforms, studios, broadcasters, and brands “transformational solutions to help manage content, video collaboration and automation in the content production and distribution process.”
DNEG says acquiring the software-as-a-service business of PFT advances the DNEG Group’s status as an end-to-end solutions provider.
The completion of the acquisition follows the announcement last week of a $200 million investment in the DNEG Group by leading Abu Dhabi-based investor United Al Saqer Group. The investment accelerates the DNEG Group’s “strategy of innovation and diversification,” including the activation of a new division, Brahma, which is developing an AI-powered, photo-real CGI creator “which will democratize photo-real content creation in a wide range of applications.”
Ramki Sankaranarayanan, Founder and Global CEO at PFT, stated, “We are ushering in a new era with an AI-first approach across the content value chain. Over the years, our customers have experienced notable productivity enhancements from our AI models and applications, and our Gen AI initiatives are poised to transform their content to meet new revenue opportunities. Partnering with DNEG strengthens our capacity to innovate rapidly and deliver exceptional value to our clients.”
DNEG Chairman and CEO Namit Malhotra said, “Investment in our proprietary technology underpins everything that we do in the DNEG Group and ensures our continued and future success. The acquisition of PFT and its market-leading technology and services adds another string to our bow, bringing further opportunities and advantages to our global partners and clients, and extending our capabilities across the entire content lifecycle. Our technology vision begins at home, and just like our new Brahma AI division, PFT’s CLEAR and CLEAR AI will also support our own teams as we invest in, develop, produce, shoot, finish, and deliver the highest-quality content across the world, including in our newly announced Abu Dhabi hub.”
Jon Creamer
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