Dolby to acquire Doremi Labs
Dolby Laboratories is acquiring Doremi Labs, the leading provider of digital-cinema video-playback solutions. Dolby will pay $92.5 million in cash plus an additional $20 million in contingent consideration that may be earned over a four-year period.
"Dolby and Doremi Labs have complementary technology expertise and solutions," said Kevin Yeaman, president and CEO, Dolby Laboratories. "Together we'll be able to advance the pace of innovation and create the kind of cinematic experiences that drive movie attendance for our exhibitor partners."
"For more than 40 years, Dolby has provided innovative technology to the cinema exhibition industry, offering storytellers the tools and technology to express their visions in new ways," said Camille Rizko, founder and president of Doremi Labs. "But more importantly, Dolby shares our commitment to working closely with exhibitors to bring amazing experiences to moviegoers."
The acquisition is subject to customary closing conditions. The transaction is anticipated to close by the end of 2014.