Media technology company Vizrt has acquired IP-based live video production software firm NewTek and formed one of the largest companies specializing in IT-based video production.
The new company brings together the inventors of the Network Device Interface (NDI) protocol with the inventors of template-driven real-time graphics. The companies both are pushing the transition to IP video for live production with NDI and SMPTE 2110. Together, they said they’ll focus on creating software-based technology for end-to-end workflows.
“Combining our organizations allow us to pursue our joint vision of software-based video production, leveraging the power and flexibility of computing and IT-based systems.” said Michael Hallén, CEO of Vizrt, in a statement. “The combined business will be very well positioned to deliver turnkey systems that give creative power to any organization that has ambitions of producing content for any output platform.”
“Taking advantage of computational, software, and network technology to make video more accessible, and fun to create has always been NewTek’s mission. These changes have revolutionized the way stories are told worldwide, allowing anyone to create and share a show,” said Dr. Andrew Cross, president and CTO of NewTek, in a statement. “The tools from our two companies have fueled the video revolution—from kids in classrooms, little league games, and web shows, to the highest levels of broadcasting, news and sports. The combined company represents one of the most disruptive changes for the video industry in decades; however, the goal remains the same—to build a new world of IT-based video technology to grow the reach and impact for anyone with a story to share.”
Hallén will lead the business. Cross will assume the role of president of research and development of the combined company.
The Vizrt-NewTek deal follows several other recent acquisitions in the streaming and online video production space.
Last month 24i Media announced that it’s acquiring media technology provider StreamOne. That deal came after last year 24i company acquired Mautilus, the Czech TV app agency specializing in HbbTV and applications for multiple devices, and Vigour, a multiscreen video platform provider.
Also last month, DaCast, a software-as-a-service firm offering video hosting and livestreaming solutions, announced that it’s buying video hosting platform vzaar.