RCS - Media Tech SPAC PLC - Media Tech SPAC acquires Drylab

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28/03/2022 08:15

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RNS Number : 1131G  Media Tech SPAC PLC  28 March 2022

Media Tech SPAC Acquires Drylab

Enlarged business positioned for growth through combination of proprietary
technology and big studio experience

 

(London, UK; 28 March 2022) Media Tech SPAC plc ("MTS" or the "Company"), a
company formed to undertake one or more acquisitions in the media and
technology sectors, is pleased to announce that, having concluded detailed
due diligence, it has reached and entered into a definitive agreement to
acquire 100% of the share capital of Drylab A/S ("Drylab"), a leading film
and TV production SaaS platform in Scandinavia. The acquisition is expected to
complete in the coming weeks. Once complete, the combined businesses will be
renamed Drylab Media Tech plc (www.drylab.io (http://www.drylab.io) ) to
reflect the strengths of the two businesses.

 

Rationale for Acquisition

 

Drylab is the leading film and TV production SaaS platform in Scandinavia,
founded by multi-award-winning filmmakers John Christian Rosenlund, Audun
Vaaler and Stein Kvae. Post completion they will remain in the merged
business. Drylab is used in over 90% of productions in Norway and Sweden.
 The platform has proved itself in the field on hundreds of
high-end productions with global distribution from renowned media outlets
including Netflix, HBO, Paramount and BBC. Additionally, Drylab has been
used on set for productions such as George Clooney's Catch-22 and more
recently the 2022 Oscar-nominated film The Worst Person in the World.

 

The combination of MTS and Drylab positions the enlarged business for growth
through the proprietary technology built by Drylab and the big studio
experience and network of the MTS executives. The intention is to use MTS'
network to expand the Drylab platform into the global marketplace and leverage
the unprecedented growth being experienced by the film and TV production
industry, which in turn is driving demand for solutions that improve the
production process.

 

MTS believes Drylab has a leading edge over its competitors as it the only
platform that combines both an on-set production tool and digital dailies
platform.

 

Drylab delivers a full suite of functionality to overcome the significant
challenges in an industry that is primarily paper based. Key solutions it
provides include:

 

·  A digital platform that enables reviewing and sharing of filmed takes
(dailies) in real-time during production and post-production

·    Uploads filmed takes with linked metadata to a cloud-based platform
overcoming continuity issues

·    Enhances collaboration between primary stakeholders, saving
significant time and costs

·    Designed to work without internet access, so collaboration can
continue in spite of the remoteness of the location

·    Provides instant and secure distribution of captured media on
location to expedite decision-making

 

MTS executives and senior management have worked together for over 25 years at
Warner Bros and have held senior positions at other big studios including
Universal and Paramount Pictures. John Mahtani, the Chief Executive Officer of
MTS, will become Chief Executive Officer of the combined business. At Warner,
he worked on all eight Harry Potter films, Superman, The Matrix, Batman &
Dark Knight Rises. On leaving Warner Bros in 2013, he co-founded Cinelab
London, creating Europe's number one film lab, which worked on major
productions such as Star Wars 8, Mission Impossible 6, Wonder Woman 2 and No
Time To Die, the latest film in the James Bond series.

 

John co-founded MTS alongside Rick Senat, who will remain Non-executive
Chairman of the combined business. Rick is an established film production and
distribution executive, having Executive Produced films such as Fantastic
Beasts and Where to Find Them, Fantastic Beasts and The Crimes of Grindelwald
and, during his 25 years at Warner Bros, working on key projects such as the
Harry Potter films, Batman and Superman. He also managed the negotiations for
the acquisition of rights for the Stanley Kubrick films and the film and
associated rights in the Harry Potter books.

 

John Mahtani, CEO of Media Tech SPAC plc, commented:

 

"We are pleased to have come to this agreement with Drylab. John, Audun and
Stein have built a world-beating production platform that I wish we had in our
early days. The efficiency gains by using such a digital platform would have
made our lives easier. The global film and video market is on a significant
growth trajectory having reached a value of nearly $234.9 billion in 2020 and
expected to reach $318.2 billion by 2025 and $410.6 billion by 2030. We hope
to use our network to access markets Drylab haven't been able to and look
forward to reporting on our progress in due course."

 

Audun Vaaler, CEO & CTO of Drylab A/S, commented:

 

"Drylab was founded by filmmakers to develop systems and technology to assist
our own filmmaking. We believe we offer solutions that are not offered as a
package by anyone else. This mainly paper-based industry of ours is ripe for
disruption and we are delighted to join MTS, which will enable us to leverage
their unparalleled network and reach new geographies. We look forward to
working with them in achieving this vision together."

 

 

Enquiries

 

 Media Tech SPAC plc                    c/o +44 20 7618 9100
 John Mahtani, Chief Executive Officer

 Celia Li, Chief Marketing Officer

 Luther Pendragon                       +44 20 7618 9100
 Harry Chathli, Claire Norbury

 

 

 

 

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