LONDON, UK: Media Tech SPAC plc, an organization formed to undertake a quantity of acquisitions within the media and technology sectors, has entered right into a definitive settlement to purchase 100% of the share capital of Drylab A/S, a quantity one movie and TV manufacturing SaaS platform in Scandinavia.
The acquisition is anticipated to full within the approaching weeks. Once complete, the mixed companies will be renamed Drylab Media Tech plc to mirror the strengths of the 2 businesses.
Drylab is the main movie and TV manufacturing SaaS platform in Scandinavia, based by multi-award-winning filmmakers John Christian Rosenlund, Audun Vaaler and Stein Kvae. Post completion they will stay within the merged business. Drylab is utilized in over 90% of productions in Norway and Sweden.
The platform has proved itself within the field on hundreds of high-end productions with global distribution from famend media outlets collectively with Netflix, HBO, Paramount and BBC. Additionally, Drylab has been used on set for productions such as George Clooney’s Catch-22 and extra recently the 2022 Oscar-nominated movie The Worst Person within the World.
The mixture of MTS and Drylab positions the enlarged enterprise for growth through the proprietary technology constructed by Drylab and the big studio expertise and community of the MTS executives. The intention is to make use of MTS’ community to expand the Drylab platform into the worldwide market and leverage the unprecedented growth being skilled by the movie and TV manufacturing industry, which in flip is driving demand for options that enhance the manufacturing process.
MTS believes Drylab has a quantity one edge over its competitors because it the one platform that mixes each an on-set manufacturing tool and digital dailies platform.
Drylab delivers a full suite of performance to beat the numerous challenges in an industry that’s primarily paper based. Key options it provides include:
· A digital platform that enables reviewing and sharing of filmed takes (dailies) in real-time throughout manufacturing and post-production
· Uploads filmed takes with linked metadata to a cloud-based platform overcoming continuity issues
· Enhances collaboration between primary stakeholders, saving significant time and costs
· Designed to work with out web access, so collaboration can proceed in spite of the remoteness of the location
· Provides instant and safe distribution of captured media on location to expedite decision-making
MTS executives and senior administration have labored collectively for over 25 years at Warner Bros and have held senior positions at different big studios collectively with Universal and Paramount Pictures. John Mahtani, the Chief Executive Officer of MTS, will become Chief Executive Officer of the mixed business. At Warner, he labored on all eight Harry Potter films, Superman, The Matrix, Batman & Dark Knight Rises. On leaving Warner Bros in 2013, he co-founded Cinelab London, creating Europe’s primary movie lab, which labored on main productions such as Star Wars 8, Mission Impossible 6, Wonder Woman 2 and No Time To Die, the newest movie within the James Bond series.
John co-founded MTS alongside Rick Senat, who will stay Non-executive Chairman of the mixed business. Rick is a longtime movie manufacturing and distribution executive, having Executive Produced movies such as Fantastic Beasts and Where to Find Them, Fantastic Beasts and The Crimes of Grindelwald and, throughout his 25 years at Warner Bros, engaged on key projects such because the Harry Potter films, Batman and Superman. He additionally managed the negotiations for the acquisition of rights for the Stanley Kubrick movies and the movie and related rights within the Harry Potter books.
John Mahtani, CEO of Media Tech SPAC plc, commented: “We are happy to have come to this settlement with Drylab. John, Audun and Stein have constructed a world-beating manufacturing platform that I want we had in our early days. The effectivity gains by utilizing such a digital platform would have made our lives easier. The global movie and video market is on a significant growth trajectory having reached a worth of nearly $234.9 billion in 2020 and anticipated to attain $318.2 billion by 2025 and $410.6 billion by 2030. We hope to make use of our community to entry markets Drylab haven’t been able to and look ahead to reporting on our progress in due course.”
Audun Vaaler, CEO & CTO of Drylab A/S, commented: “Drylab was based by filmmakers to develop systems and technology to help our personal filmmaking. We believe we provide options that aren’t offered as a package by anybody else. This primarily paper-based industry of ours is ripe for disruption and we’re delighted to join MTS, which will allow us to leverage their unparalleled community and attain new geographies. We look ahead to working with them in achieving this imaginative and prescient together.”
www.mtsplc.com