Reprinted from a Pinnacle press release:
MOUNTAIN VIEW, CA., and IBC, Amsterdam, Netherlands, September 13, 2001-Pinnacle Systems Inc., a leader in professional and consumer video solutions, announced today that it has entered into a definitive agreement to acquire the assets of FAST Multimedia, a leading developer of innovative video editing solutions, headquartered in Munich, Germany. Pinnacle Systems plans to integrate FAST’s products into its family of industry-leading video, authoring and streaming solutions.
Pinnacle Systems will acquire all intellectual property, software rights, products, other assets, and certain liabilities of FAST Multimedia. The purchase price will be approximately $15 million and will be paid for in a combination of cash and Pinnacle Systems’ stock. The transaction will be accounted for as a purchase, and is expected to close in early October.
Mark Sanders, President and CEO at Pinnacle Systems said, Pinnacle Systems is delighted to have the FAST Multimedia team join Pinnacle Systems. This acquisition furthers Pinnacle’s expanding family of software applications and solutions to provide higher value-add for our customers. FAST’s advanced software for video content creation fills an important gap between our consumer editing software products and our high-end broadcast systems.
FAST Multimedia is pleased to be joining forces with Pinnacle Systems, said Matthias Zahn, Chairman and founder of FAST Multimedia. Our customers and products will benefit greatly from the combined resources of the two companies.