2:14pm PT by Carolyn Giardina
ParkerGale Capital Takes Majority Stake in Postproduction Tech Developer EditShare
EditShare — the privately owned postproduction technology developer whose products include the Lightworks editing system used by three-time Oscar-winning editor Thelma Schoonmaker — on Monday announced that private equity firm ParkerGale Capital has taken a majority stake in the company, though it declined to divulge the value of the deal.
Company execs confirmed that Boston-headquartered EditShare will continue to develop Lightworks, while adding that Schoonmaker is currently using the editing system to cut Martin Scorsese’s highly anticipated The Irishman for Netflix. (Lightworks is Schoonmaker's go-to editing system, which she has used to cut many films including The Aviator and The Departed.)
With the new investor, Editshare leaders aim to expand all product lines including technologies for digital storage, automated quality control and media management, which are used in the media and entertainment space by customers including Ubisoft and Endemol Shine.
EditShare founders Andy Liebman, who served as CEO and will take on the new role of chief strategy officer, and Tara Montford, executive vp business development, will continue to lead technological development and remain the company’s largest individual shareholders. Conrad Clemson, who recently led Cisco’s video, mobility and cloud organizations, has joined EditShare as its new CEO.
“ParkerGale’s deep-seated history of helping profitable companies like ours achieve their next stage growth goals will enable our team to expand and develop the EditShare product range," said Montford.