Stergen Hi-Tech was founded ten months ago.
Real-time 3D graphics developer Vizrt Ltd. (XETRA: VIZ; OBX:VIZ) will acquire 20% of Israeli start-up Stergen Hi-Tech Ltd., which develops 2D to stereoscopic 3D video conversion software, for about $1.9 million, reflecting a company value of $9.5 million, in cash and marketing services. Vizrt will also distribute and market Stergen products.
Vizrt has $51.4 million in cash, so will have no problem financing the acquisition.
Stergen, founded ten months ago, developed its 3D conversion solution for the broadcasting of sports events.
Vizrt's share price rose 6.2% today in Frankfurt to €3.13, and rose 2% on the Oslo Borse to 25 kroner.
Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2010
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