Last week, Brickbox Digital Media announced that it is now officially a part of KIT digital, a leading provider of global video asset management solutions (VAMs). The deal involved upfront consideration of approximately $10.1 million (after working capital adjustment and $1.0 million hold-back related to consolidation o Brickbox’s minority interests). This was comprised of approximately $6.6 million in cash and 339,476 shares of KIT digital common stock.
[caption id=“attachment_1271” align=“alignright” width=“150” caption=“KIT digital’s Tuzman: “extending capabilities and commercial reach for the Hollywood studios””]
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“This was a choice acquisition for us, which we had our eyes on for some time, extending our capabilities and commercial reach in premium content management and services for the major and ‘mini-major’ Hollywood studios,” said KIT Digital’s chairman and CEO, Kaleil Isaza Tuzman.
KIT digital, listed on the Prague Stock Exchange and on NASDAQ in the US, is headquartered in Prague.
“For the last two decades, the Czech Republic has become a global knowledge centre for audio-visual engineering, with a history of production, post-production, graphics and special effects work with major studios,” said Tuzman. “Brickbox has been a leader in the market through much of this period, focusing on digital cinema services and master video file management solutions.
“In many respects, the acquisition of Brickbox Digital Media completes the circle on our decision in early 2009 to move our corporate headquarters to Prague, and underlines our commitment to building a global leader from the heart of Central Europe.”
Brickbox Digital Media will continue to develop and service the home entertainment industry, digital cinema and packaged media and, said the company, it will become a stronger business partner for all of its clients by being able to offer greater worldwide facilities from a global company.
