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Vizrt to Acquire Curious SoftwareTakeover will come into effect from June 1, 2005 (June 02, 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.
?Were 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 firms 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 Vizrts 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 Softwares 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
Vizrt is the worlds leading provider of real-time 2D and true 3D broadcast graphics. The companys 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 Vizrts graphics products are powered by a single core renderer, the unique and powerful Viz|Engine. Vizrts graphics solution goes beyond the visual aspect and includes highly customized user interfaces for the designer, operator, journalist and engineer.
The worlds leading broadcasters, such as CNN, CBS, BBC, Sky, ITN, ZDF, Star TV, TV Today and NHK, use Vizrts solutions in conventional digital and high definition content delivery. Production houses and corporate institutions, including the New York Stock Exchange, are Vizrt customers.
Vizrt is a public company traded on the Frankfurt Prime Standard: VIZ, ISIN: IL0010838154. For further information please refer to www.vizrt.com
Related Keywords:Vizrt, Curious Software, traffic maps, broadcast graphics,