Video specialist Pinnacle Systems said it has signed a deal to acquire the assets of Fast Multimedia, a Munich, Germany-based developer of video software. Under the deal, Pinnacle will purchase all the intellectual property, software rights, products, and other assets and certain liabilities of Fast Multimedia for $15 million in cash and stock. Pinnacle said it will integrate Fast's products into its video and streaming applications. The transaction is expected to close in October.
Pinnacle provides video professionals and consumers with digital video tools to create and distribute Web-enabled digital video. The company signed a deal last week to provide search technology company Inktomi with streaming encoding software.