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Indian firm buys U.S. special effects house
By Staff and wire reports MUMBAI, India -- Indian software firm Compudyne Winfosystems has acquired the special effects division of U.S.-based Santa Monica Studios for $4 million. Compudyne said in a announcement to the Bombay Stock Exchange (BSE) that it had purchased both the business assets and the Los Angeles-based VFX Studio belonging to Santa Monica Studios' Vision Art Design & Animation. Compudyne's acquisition of the studio will give the Indian film industry easier access to Hollywood's visual effects know-how, the Indian firm's president Avishkar Dahiya said in a statement last week. From Hollywood to BollywoodVision Art has created special effects for virtually every major Hollywood studio including Universal, Warner Brothers, Paramount, Sony Pictures, Miramax and Buena Vista Film. Credits include films such as Independence Day, Godzilla and Men in Black. The Hindi film industry, otherwise known as Bollywood, produces about 150 films a year compared with the 100 feature films produced each year in the U.S.. The Indian firm paid $2 million in cash and the remainder in equity. It issued 568,485 shares at 165 rupees each, a premium of 511 percent over Monday's closing price of 27 rupees, according to the BSE statement. The acquired unit will be renamed Digital Art Media (DAM). Compudyne will add another 3,500 square feet to the 8,500 square feet studio in Los Angeles. Reuters contributed to this report. |
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