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Pinnacle Acquires Video Software Business from FAST MultimediaAcquisition Strengthens Pinnacle Systems Line of Video Applications (September 13, 2001)
Pinnacle Systems will acquire all intellectual property, software rights, products, other assets, and certain liabilities of FAST Multimedia.The purchase price will be approximately $15 million and will be paid for in a combination of cash and Pinnacle Systems stock. The transaction will be accounted for as a purchase, and is expected to close in early October.
Mark Sanders, President and CEO at Pinnacle Systems said, "Pinnacle Systems is delighted to have the FAST Multimedia team join Pinnacle Systems. This acquisition furthers Pinnacles expanding family of software applications and solutions to provide higher value-add for our customers. FASTs advanced software for video content creation fills an important gap between our consumer editing software products and our high-end broadcast systems."
"FAST Multimedia is pleased to be joining forces with Pinnacle Systems," said Matthias Zahn, Chairman and founder of FAST Multimedia. "Our customers and products will benefit greatly from the combined resources of the two companies."
About FAST Multimedia AG
FAST Multimedia AG, Munich, is a developer of professional integrated software and hardware for nonlinear editing. The product family based on the professional editing software FASTstudio, includes editing software FASTstudio.DV, editing systems blue, ivory, silver, purple and purple.Field, and editing solutions FASTwire and FASTtransmit. FAST products are available from a worldwide distribution network. Fore more information visit fastmultimedia.com.
About Pinnacle Systems, Inc.
Pinnacle Systems broadcast, desktop, streaming and consumer products provide video professionals and consumers digital video tools to create, store, distribute and view web enabled digital video. Pinnacle Systems may be reached at (650) 526-1600 or on the World Wide Web at pinnaclesys.com.
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