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Pinnacle Completes Steinberg AcquisitionPinnacle now owns all Steinberg audio products and technologies
The acquisition, which was announced Dec. 18, cost Pinnacle about $24 million, including $8.2 million in cash. According to the terms of the deal, Pinnacle acquires all products, software and intellectual property rights, along with all other assets and liabilities of the Steinberg.
"We are delighted to welcome Steinberg's customers and employees into the Pinnacle family," said Pinnacle Systems President and CEO J. Kim Fennell in a prepared statement. "Steinberg is a recognized industry leader in digital audio and this transaction significantly broadens Pinnacle's digital media offerings. By adding the talent and technology of Steinberg to our company, we believe we can bring our customers an even stronger solutions portfolio."
According to a statement from Steinberg Media Technologies AG President Manfred Rurup, "Steinberg is pleased to be joining forces with Pinnacle Systems. Our customers and products will benefit greatly from the combined resources of the two companies and we look forward to bringing audio production expertise to the award-winning Pinnacle Systems' product lines."
It's not known yet how (or whether) Pinnacle will integrate its newly acquired technologies into its product lineup. We'll bring you updates as they become available. For more information on the acquisition, visit http://www.pinnaclesys.com.
Contact the author: Dave Nagel is the producer of Creative Mac and Digital Media Designer; host of several World Wide User Groups, including Synthetik Studio Artist, Adobe Photoshop, Adobe InDesign, Adobe LiveMotion, Creative Mac and Digital Media Designer; and executive producer of the Digital Media Net family of publications. You can reach him at email@example.com.
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