The two companies have merged to accelerate innovation within software driven real-time production systems and advance a shared vision for video creation, production and distribution.
Norwegian broadcast graphics tools provider Vizrt has acquired Texas-based NewTek, a developer of video network technology.
The combined companies will drive the transition to IP video for live production with NDI and SMPTE 2110, with each serving different needs. The company will deliver flexible end-to-end workflows for all levels of production and software-based products and services for media, sports, entertainment, education, enterprise, and esports.
Speaking about the acquisition, Michael Hallén, Vizrt CEO said: Combining our organisations allows us to pursue our joint vision of software-based video production, leveraging the power and flexibility of computing and IT-based systems. The combined business will be well positioned to deliver turnkey systems that give creative power to any organisation that has ambitions of producing content for any output platform.
The new company will combine the minds that invented the NDI protocol with the innovators that invented template-driven real-time graphics. The company will be R&D focused with the vision of providing the software-based video technology that is the foundation of the future of the media industry.
Dr Andrew Cross, President & CTO of NewTek added: Taking advantage of computational, software, and network technology to make video more accessible, and fun to create has always been NewTeks mission. These changes have revolutionised the way stories are told worldwide, allowing anyone to create and share a show. The tools from our two companies have fueled the video revolutionfrom 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 sameto build a new world of IT-based video technology to grow the reach and impact for anyone with a story to share.
Michael Hallén, current President & CEO of Vizrt, will lead the business while Dr Andrew Cross, current President & CTO of NewTek will assume the role of President of Research & Development of the combined company.