Postproduction equipment manufacturer Digital Vision has completed the acquisition of Image Systems in a deal valued at €5 million ($7.1 million).
The company will operate under the Image Systems moniker and trade on the Swedish stock exchange. Image Systems CEO Mikael Jacobsson will serve as CEO of the combined companies; Bengt Broman, now CEO of Digital Vision, will step down.
Stockholm-headquartered Digital Vision, which traded on the Swedish stock exchange, develops technology in the media and entertainment space, including tools for image processing, color grading and restoration. Image Systems, privately owned and also based in Sweden, creates tools for applications including motion analysis and film scanning that are used in the global aerospace, defense, media and automotive industries.
“After careful market analysis, it became apparent that the core strength of the company rests in image science,” Jacobsson said. “As a result, the decision was made to retain the Image Systems name and logo as a more accurate representation of the new company’s services in the marketplace.”
Digital Vision’s Los Angeles office will remain the U.S. headquarters for the company. Digital Vision vp marketing Martin Bennett will lead the media business unit.
Jacobsson said the new business would continue to offer existing products with their product names including Digital Vision’s Nucoda Film Master. He anticipates work to improve integration between the Digital Vision and Image Systems products.
The new Image Systems makes its debut as one company at NAB, which begins Saturday in Las Vegas.
