Optibase has announced that it has completed its $2.5 million (around £1.35 million) acquisition of "substantially all the assets" of Media 100, following a favourable judgment from a United States Bankruptcy. As a result, Media 100 will continue to operate as a separate business unit of Optibase, continuing to focus on digital video editing products.
Media 100 manufactures hardware-based digital video editing systems aimed at professionals including the 844/X and forthcoming Media 100 HD. It also develops Media 100i, digital video editing software.
After posting quarters of losses and eventually being de-listed from the Nasdaq stock exchange, Media 100 announced in late February that it would need to find an investor or it would have to close its doors. Within weeks, the company announced a deal with Optibase, a Windows-centric video hardware maker. Wednesday's news concludes that turn of events.
"Since the original announcement of this deal in mid-March, we at Media 100 have been waiting for today so we can get on with the business of competing aggressively in the market," said Media 100 Vice President, Sales and Marketing Mike Savello. "I'm happy to report that all of the current Media 100 employees have been hired by Optibase to be part of this new business unit."