Clearlake Capital Group Invests in 3D Developer 3ality Digital
LAS VEGAS — Clearlake Capital Group had made a majority investment in Burbank-headquartered 3D technology developer and provider 3ality Digital.
Clearlake has acquired the majority of newly-issued preferred stock of the Burbank-headquartered 3ality and will own a majority of the voting shares. Management from 3ality also participated in the transaction.
The news comes on the heels of yesterday’s announcement at the NAB Show that James Cameron and Vince Pace had launched the Cameron-Pace Group to focus on facilitating 3D broadcasting. “We are thrilled that [Jim Cameron] has jumped into 3D broadcasting with both feet,” 3ality CEO Steve Schklair told The Hollywood Reporter. “He will help move the business along more quickly than it might have been moving.”
Schklair told The Hollywood Reporter that the undisclosed Clearlake investment is “substantial” and would allow the company to grow its research & development, expand service, and cover planned acquisitions.
At NAB, 3ality launched its new 3space product line, which is a set of products aimed at changing the economic model for producing live-action 3D by automating complex and time-consuming processes.
3ality said the intent is to enable faster and more reliable results, while reducing or eliminating the additional labor typically required for 3D shoots. Availability in Q3 is planned.
Said Behdad Eghbali, a founding partner at Clearlake, in a released statement: “We are very pleased to partner with this proven and innovative team as the momentum behind 3D continues to build.”
“As an early investor in 3ality Digital, the Modell family is thrilled to be joined by outstanding new partners,” said David Modell, chairman of 3ality. “Clearlake Capital has made a large commitment that is a strong validation of our strategy and our position as a 3D technology development leader at the top of this exploding market.”
In connection with the transaction, Eghbali and Prashant Mehrotra, a vp at Clearlake, have joined 3ality’s Board of Directors.