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Pinnacle Systems to Acquire SteinbergTransaction is expected to close in early January
The companies expect to close the transaction in early January 2003 and have agreed on a total purchase price of approximately $24 million, consisting of $8.2 million in cash and $15.8 million of Pinnacle Systems common stock. At closing, Pinnacle Systems will acquire all products, software, and intellectual property rights, along with all other assets and liabilities of the company. Pinnacle will account for this transaction as a purchase in Pinnacle Systems' fiscal Q3, ending March 31, 2003.
"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."
Steinberg Media Technologies AG began marketing software products to professional musicians and producers in the music, video and film industry in 1984. The company also markets music creation and other multimedia applications to the consumer market.
Pinnacle Systems provides digital media creation, storage, and playback products for both professional and home users, with applications ranging from broadcast, cable and satellite television to video editing, DVD/CD authoring and the Internet. The company has received eight Emmy Awards for its technical innovations.
For more information, go to www.pinnaclesys.com.
Related Keywords:Pinnacle Systems, Steinberg, audio, Nuendo, Cubase
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