Grass Valley Group is bulking up to better compete for editing business in TV newsrooms across the country.
Grass Valley said Monday it is buying Canopus, the Japan-based maker of nonlinear editing (NLE) systems and other related technology.
It is initially buying 33.33% of the company in a private transaction and then a public tender to purchase the rest of the company for a 20% premium over current stock prices. The total value of the deal, if it snags 100% of the company, is expected to be approximately $110 million.
The move gives Grass Valley the editing technology to bring more NLE capabilities to its NewsEdit system.
Due to the lack of overlap between the two, look for Canopus employees (255 total) to remain in place.
“We have complementary technologies, and the sales channels create a really nice fit,” says Grass Valley VP Jeff Rosica. “We’ll be integrating the Canopus editor with our hard-news product and form a very strong end-to-end system.”