AUCKLAND, NEW ZEALAND: Vista Group International Limited (ASX: VGL) announced the Vista Cinema has completed the acquisition of the assets of US cinema software business Retriever Software Inc. trading as Retriever Solutions.
The purchase price of up to $6.5 million, some of which is conditional on post-completion performance targets, comprises cash and Vista Group shares, with the cash portion being met from existing cash reserves.
Through the transaction Vista Cinema has acquired Retriever’s software, intellectual property and customer relationships covering more than 200 sites, with Retriever’s employees having been offered employment and continuing to operate from Retriever’s offices in Michigan and Colorado.
The transaction further strengthens Vista Cinema’s market share in the US and opens up new opportunities for its new flagship product – Vista Cloud.
Vista Cinema CEO, Leon Newnham, said “We’re constantly innovating and evolving our technology, that’s why we launched Vista Cloud to the market last year to sit alongside our other products like Veezi. Now we’re excited to bring on a great team of people at Retriever who share our passion for cinema and innovation, and work with amazing new exhibitors to give audiences even better experiences in future.”
Kimbal Riley, Vista Group CEO, said: “Ed Kearney, Retriever’s founder, and the rest of the Retriever team have developed great cinema management software and built a loyal customer base over a number of years. By joining forces with Retriever, Vista Cinema cements its position as the world’s leading software company serving the cinema industry.”
Vista Group International Limited provides film industry technology for studios, distributors, exhibitors, and moviegoers globally.
Retriever Solutions provides comprehensive and fully integrated theatre management, point-of-sale, web solutions and IT products for movie theatre exhibition, and other retail environments.