The DNEG Group has completed its acquisition of Prime Focus Technologies (PFT), a creator of AI-powered technology solutions for the M&E industry. PFT, which was previously a subsidiary of the Group’s parent company Prime Focus Limited, has offices across North America, Europe, and India.
DNEG believes that the strategic acquisition, which was previously announced with the issue of a memorandum of understanding on 13 April 2023, boosts the Group’s technological capabilities with PFT’s media workflow and automation software suite, Clear, and Clear AI, a multi-modal Gen AI platform powered by patented “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 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.”
PFT founder and global CEO Ramki Sankaranarayanan 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.”
The completion of the acquisition follows the announcement last week of a US$200 million investment in DNEG by leading Abu Dhabi-based investor United Al Saqer Group.