Vizrt Acquires NewTek Creating Live Video Production Specialist
In a surprise move, Vizrt, the Bergen, Norway-based company known for its on-screen graphics and live production tools, announced it's acquiring NewTek, the San Antonio, Texas-based company known for its line of TriCaster production hardware and the NDI video transportation protocol. Neither party disclosed the purchase price.
At a time of industry consolidation and full-service solutions, the companies say this deal will create an end-to-end offering that's flexible enough to work with individual classrooms or global broadcasters.
The blended company will focus on research and development. Vizrt notes that it invented template-driven real-time graphics, while NewTek came up with the NDI protocol. According to NewTek president and CTO Dr. Andrew Cross the company will "build a new world of IT-based video technology to grow the reach and impact for anyone with a story to share.”
Vizrt president and CEO Michael Hallén will lead the company, while Cross will transition to president of research and development.
Combining the strengths of both companies, Vizrt will focus on creating software-based video production system that offer power and flexibility. It promises ease-of-use, creating turnkey solutions that are accessible to clients at any level.
"NewTek and Vizrt have a clear belief and mission to enable the future of the video industry as one built on on computers, software, and networks," Cross told StreamingMedia.com. "We are both, at our core, software companies and remarkably, our competencies fit together really well without almost any overlap in technology, channel, or product lines. In our view, by joining forces, we expect to be the dominate, disrupting force leading the way, creating new possibilities for more storytellers to share their ideas with the world. We believe it is a very exciting time for video producers everywhere and we believe that this is going to be one of the most industry disruptive events that has occurred in the broadcast industry in decades.”
Current Vizrt clients include CNN, CBS, and NBC, while NewTek clients include the New York Giants, the NBA Development League, Fox News, and the BBC.