Vizrt purchased NewTek, aims to be the largest broadcast company providing IT based video production.
Vizrt, a Bergen, Norway-based company offering visual storytelling tools for media content creators, announced that it has acquired NewTek, a San Antonio, USA-based provider of IP-based, software-driven live video production solutions.
The financial details of the deal remain undisclosed. The acquisition creates the largest company in the broadcast space that is dedicated to enabling IT based video production. The new company will focus on researching and developing video production software that helps drive the transition from broadband to IP video infrastructure.
Vizrt President and CEO Michael Hallén will remain as leader of the combined business, with NewTek President and CTO Andrew Cross serving as president of R&D.
Vizrt is a leading provider of visual storytelling tools for media content creators in the broadcast, sports, digital and esports industries. The company offers software-based solutions for real-time 3D graphics, video playout, studio automation, sports analysis, media asset management, and journalist story tools.
Vizrt employs more than 500 in 30 offices worldwide and is privately owned by Nordic Capital through the Nordic Capital Fund VIII, which delisted it from from Oslo Stock Exchange and acquired it at a $374M valuation.