Prime Focus Technologies (PFT), the technology subsidiary of Prime Focus today announced that it has completed the acquisition of DAX, a provider of cloud-based production workflow and media asset management applications to the entertainment industry.

On March 11, PFT announced a definitive agreement to acquire DAX for a base consideration of USD 9.1 million in a uniquely structured performance linked transaction. PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment with balance payable over 3 years primarily from cash flows from the North American operations.

This acquisition gives PFT ownership of DAX's patented technology (US Patent No: 7,660,416/ 8,218,764) and products including the Primetime Emmy award winning Digital Dailies solution which is the de-facto industry standard in television production. This acquisition also sets the course for PFT's strategic expansion in North America.

Shares of the company declined Rs 0.3, or 1.08%, to trade at Rs 27.60. The total volume of shares traded was 20,069 at the BSE (11.32 a.m., Monday).