Vizrt Acquires Escenic - "A Perfect Match", says Vizrt’s CEO
Bergen, Norway, July 2, 2008, The Board of Vizrt Ltd. (Frankfurt Prime Standard, Oslo Main List: VIZ) has approved the Share Purchase Agreement to acquire all outstanding shares in Escenic AS.
The final terms & conditions are in line with those earlier announced under the Heads of Agreement, except that the initial consideration will be settled part in shares (3 million) and part in cash (NOK 90 million, approx USD 17.8 million). The Earn Out portion of the consideration remains as announced in the HoA.
“This is a perfect match”, says Bjarne Berg, Vizrt’s President and CEO. “Escenic is one of the frontrunners in on-line publishing. As all major news web sites use video and graphics in a gradually increasing manner, we expect the combined company will have a product offering that should be well received in a broader market than the two companies have been able to address on their own.”
“We have already received positive signals from both Vizrt and Escenic customers”, continues Berg. “In fact, Bergens Tidende and Adresseavisen, two Norwegian regional newspapers that are long standing Escenic customers, have already signed substantial contracts for the new products.”
The first integrated products will be ready for the market by IBC in the middle of September this year.
The transaction is expected to be closed within a month. SEB Enskilda has acted as Vizrt's financial advisor on the transaction. The transaction does not require a prospectus.
About Vizrt:
Vizrt offers a new vision for content creation and delivery with an end-to-end solution from ingest to visualization. Our solution combines Vizrt’s true 2D/3D graphics tools with Curious Software’s World Maps and Ardendo’s Asset Management. Running on non proprietary software and hardware, the combination of these unique cutting edge products ensures a seamless workflow from conception to multi-format distribution. The latest addition to the Vizrt product range is the Viz|Multi Platform Solution. Vizrt’s product suite is used by the world’s leading broadcasters including: CNN, CBS, Fox, BBC, Sky, ITN, ZDF, Star TV, TV Today, CCTV and NHK. Also, many world-class production houses and corporate institutions, including both the New York and London Stock Exchanges, utilize Vizrt solutions. Vizrt is a public company traded on the Frankfurt Prime Standard and on the Oslo Main List: VIZ, ISIN: IL0010838154. For further information please refer to www.vizrt.com
About Escenic (www.escenic.com):
Escenic is strategic content management software for digital media publishing. Escenic technologies drive over 550 of the most dynamic and exciting news media websites in the world. Escenic has been closely tied to the media industry since 1997. Today we are proud to be considered industry leaders in our sector. With Escenic, competitive commercial enterprises gain access to the same robust technologies that professional publishers have preferred for years.
Media and investors contacts:
Bjarne Berg, President & CEO, Vizrt Ltd., +47 9055 7711, bberg@vizrt.com
Ofra Brown, CFO, Vizrt Ltd., +47 5351 8040, ofra@vizrt.com
Knut I Skeid, CEO, Escenic AS, +47 9222 0352, knut.skeid@escenic.com
Tore Sviland, Chairman, Escenic AS, +47 9018 3489, tore.sviland@escenic.com
Frank Schwarz, SCHWARZ Financial Communication, +49 611 1745 398 11, Schwarz@schwarzfinancial.com
