Vizrt Buys NewTek
Vizrt, a provider of visual storytelling tools for media content creators, has acquired NewTek, which makes IP-based, software-driven live video production solutions. Vizrt says the acquisition creates the largest company in the broadcast space that is dedicated to enabling IT-based video production.
The combined companies are a force in the transition to IP video for live production with NDI and SMPTE 2110, with each serving different needs. The company will deliver flexible end-to-end workflows for all levels of production and software-based products and services for media, sports, entertainment, education, enterprise, and esports.
Michael Hallén, current president-CEO of Vizrt, will lead the business. Dr. Andrew Cross, current president-CTO of NewTek, will assume the role as president of research and development of the combined company. No terms of the deal were announced.
Both companies will be presenting to customers, partners, and press at NAB on Sunday, April 7, in the Las Vegas Convention Center North Hall. Executives from both companies will be included in order to give further details on the acquisition.
“Combining our organizations allow us to pursue our joint vision of software-based video production, leveraging the power and flexibility of computing and IT-based systems.” said Hallén. “The combined business will be very well positioned to deliver turnkey systems that give creative power to any organization that has ambitions of producing content for any output platform.”
Vizrt says the combination will offer a number of advantages:
- Complementary software-based technology that creates an end-to-end workflow for the growing content creation market.
- A dedication to growing the adoption, strength, and accessibility of IP technology for all markets.
- A valuable channel network in place, that will benefit from taking a wider portfolio of products to customers.
- The new company combines the brilliant minds that invented the NDI protocol with the innovators that invented template-driven real-time graphics. The company will be R&D focused with the vision of providing the software-based video technology that is the foundation of the future of the media industry.
“Taking advantage of computational, software, and network technology to make video more accessible, and fun to create has always been NewTek’s mission,” said Dr. Andrew Cross, president-CTO of NewTek. “These changes have revolutionized the way stories are told worldwide, allowing anyone to create and share a show.
“The tools from our two companies have fueled the video revolution—from kids in classrooms, little league games, and web shows, to the highest levels of broadcasting, news and sports. The combined company represents one of the most disruptive changes for the video industry in decades, however the goal remains the same—to build a new world of IT-based video technology to grow the reach and impact for anyone with a story to share.”
With a mission to unleash the power of storytelling through video for everyone, the combined company said it is committed to the creation of accessible video production tools for all markets, while ensuring a smooth transition from traditional broadband to the flexibility of IP video.