Pinnacle Systems Inc. has acquired Steinberg Media Technologies (Hamburg, Germany) for a total purchase price of approximately $24 million: $8.2 million in cash and $15.8 million of Pinnacle Systems common stock. Pinnacle Systems acquired all products, software and intellectual property rights, along with all other assets and liabilities.
“Our customers and products will benefit greatly from the combined resources of the two companies, and we look forward to bringing audio-production expertise to the award-winning Pinnacle Systems' product lines,” said Manfred Rürup, president of Steinberg Media Technologies AG.
J. Kim Fennell, president and CEO at Pinnacle Systems said, “We are delighted to welcome Steinberg's customers and employees into the Pinnacle family. Steinberg is a recognized industry leader in digital audio and this transaction significantly broadens Pinnacle's digital-media offerings.”
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