The DNEG Group has completed its acquisition of Prime Focus Technologies (PFT).
DNEG announced in April 2023 that it planned to acquire PFT, a leading provider of AI-powered media and entertainment cloud technology.
DNEG said the acquisition will boost its capabilities and service offerings as it continues to expand into media technology and distribution services.
The acquisition adds PFT’s media workflow and automation software suite CLEAR and Gen AI platform CLEAR AI to the group’s technology offering.
CLEAR and CLEAR AI offer streaming platforms, studios, broadcasters, and brands solutions for managing content, video collaboration and automation in the content production and distribution process.
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Earlier this month, DNEG Group secured $200m in investment from the United Arab Emirates-based United Al Saqer Group (UASG).
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.”
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.”
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