On the heels of closing the DAX acquisition, Prime Focus Technologies (PFT), the technology subsidiary of the BSE-listed media & entertainment service provider Prime Focus has raised Rs 45 crore from several investors by issuing optionally convertible debentures (OCDs). After 2 years, these investors will also have an option of converting up to 25% of the total principal amount into equity of PFT. The company will use the fund raised for pushing its cloud-enabled media ERP solution CLEAR, in the global markets and also to pare debt. The company had signed a definitive agreement to acquire the California-based DAX for a base consideration of $9.1 million (around Rs 56 crore), just days back. PFT now owns DAX's technology and products including its television production solution Digital Dailies. These solutions will be combined with CLEAR to offer enterprise media ERP solutions to broadcasters and studios. PFT claims that broadcast networks currently use CLEAR to manage 200 TV shows on daily basis and over 350,000 hours of content. The company had used this technology to help set up on StarSport.com that is being pitched as the go to destination for watching sports online in India. It has also started working with a South African TV channel called M-Net on using its cloud solutions. The company has also started a new service called Cloud Playout, targeted at players in the TV Anywhere space. PFT had announced a net profit (pdf) of Rs 2.69 crore from revenues of Rs 52.44 crore for the quarter ended December 31, 2013. This is a big jump from the Rs 51.07 crore…
