Pinnacle Systems announced today that it has entered into a definitive agreement to acquire all of the stock of Steinberg Media Technologies AG based in Hamburg, Germany. Steinberg specializes in digital audio software solutions for consumers and professionals (Cubase, Wavelab, Nuendo etc).
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.
J. Kim Fennell, President and CEO at Pinnacle Systems said, “We are delighted to welcome Steinberg’s customers and employees into the Pinnacle family. 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.”
“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,” said Manfred Rürup, President of Steinberg Media Technologies AG.
About Steinberg Media Technologies AG
Steinberg Media Technologies AG is known the world over for its professional audio software. The company has been developing, manufacturing and selling software products for professional musicians and producers in the music, video and film industry since 1984. Steinberg products are also enjoying success in the fast-growing consumer market with music creation and other multimedia applications. Steinberg is today one of the world’s largest audio software houses.
About Pinnacle Systems, Inc.
Pinnacle Systems provides broadcasters and consumers with cutting-edge digital media creation, storage, and play-back solutions for use at Home, in the Studio and on the Air. Pinnacle Systems’ award winning digital media solutions are in use around the world for broadcast, cable and satellite television, video editing, DVD and CDR authoring, and the Internet. A recognized industry leader, the company has received eight prestigious Emmy Awards for its technical innovations and carries this commitment throughout all of its product lines.
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