Vizrt Ltd. (XETRA: VIZ; OBX:VIZ) and Norwegian company Escenic AS today agreed to merge to create a strong player in the content management market. The letter of intent states that the boards of the two companies shall seek to agree on a merger or acquisition agreement.
Escenic posted $6.1 million revenue in January-September and expects to post $8-9 million for 2007 as a whole.
Vizrt did not disclose the company value for the merger, but on the basis of Escenic's revenue, the value amounts to several million dollars.
"Globes": Why did you decide to acquire Escenic/
Vizrt CFO Ofra Brown: "Escenic has developed software, which, in my words, builds a work station for journalists. For example, if you need to write an article about the acquisition and you to include a graph showing Vizrt's share, my picture, or a video clip explaining how the software works, you do can do it by yourself and submit the article directly to your editor ready for publication."
The software renders the job of the graphic designer almost unnecessary
"Correct. In fact, in the near future, the correspondent will be able to prepare everything for an article without the help of a graphic designer."
In 2005, Vizrt acquired Curious and in 2006 it acquired Ardendo.
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2007
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