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 Vizrt to Acquire Curious Software Posted by: amigo
Source: DMN
Date: Thu Jun 02 2005
June 2, 2005 - Vizrt Ltd. announces today the signing of the purchase agreement with the shareholders of privately-held Curious Software Company Ltd. According to the agreement, and following the announcement on February 24, 2005, Vizrt is acquiring all assets of Curious Software. The purchase will come into effect as of June 1, 2005.
After the satisfactory conclusion of the financial due diligence process the transaction has been approved by the Boards of Directors of both Vizrt and Curious Software, final procedures are supposed to be finalized within the next couple of weeks.
In consideration for the purchase of the shares or assets, Vizrt will pay US$5,000,000 in cash to the Curious shareholders. Up to an additional US$4,000,000 is to be paid in Ordinary Shares of Vizrt as an earn-out in four quarterly installments upon reaching certain milestones.
With the completion of this purchase, the entire business of Curious Software will be integrated into the company and will operate under the name of Vizrt in all markets. The takeover will add 13 staff to the team, making a total number of 148 Vizrt employees worldwide. In the fiscal year 2004/05, ending May 31, 2005, Curious reached revenues of approximately US$2.8M and a close to break-even net result.
�We�re very happy with the positive outcomes of the financial due diligence process,� said Bjarne Berg, President and CEO of Vizrt. �In the meantime we have also worked on the cohesion of our products, which are easy to merge. Soon, Vizrt map systems will be replaced by superior Curious products, which we believe to be the best on the market. In addition, new products will be developed and will capitalize on each firm�s strength. With the acquisition of Curious, we get access to great products and a large installed customer base with approximately 500 customers around the world, including 185 in the US. Furthermore, we open the doors to additional markets and new applications like traffic maps. We anticipate that Curious will enable us to accelerate our growth path.�
Halid Hatic, President of Curious Software added: �We are joining forces from a position of strength. The combination of Vizrt�s and our own products will enable us to enhance the already outstanding market position of both our product ranges for the benefit of our customers and all shareholders.�
About Curious Software:
Curious Software is an innovative software company with a great pedigree. Founded in May 1999, Curious Software�s aim is to make the highest quality professional information graphics available to everyone creating content for the television , post-production, Internet and corporate graphics industries. Curious Software products provide all the tools required to create stunning animations and presentations in easy-to-use and affordable packages. Our series of professional products are all based on a generic multi-layered animation engine, designed to accelerate the creation of the highest quality graphics.
For more information about Curious Software and its products please visit www.curious-software.com
About Vizrt
Vizrt is the world�s leading provider of real-time 2D and true 3D broadcast graphics. The company�s software suite offers a complete graphics solution including: character generation, content management and newsroom integration, 3D tickers, virtual studio, weather data integration, virtual sports analysis, information display and virtual effects.
All Vizrt�s graphics products are powered by a single core renderer, the unique and powerful Viz|Engine. Vizrt�s graphics solution goes beyond the visual aspect and includes highly customized user interfaces for the designer, operator, journalist and engineer.
The world�s leading broadcasters, such as CNN, CBS, BBC, Sky, ITN, ZDF, Star TV, TV Today and NHK, use Vizrt�s solutions in conventional digital and high definition content delivery. Production houses and corporate institutions, including the New York Stock Exchange, are Vizrt customers.
Related Links: Curious Software website
Vizrt website
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