MTS believes Drylab has a leading edge over its competitors as it combines both an on set production tool and digital dailies platform
Media Tech SPAC announced that it has reached and entered into a definitive agreement to acquire 100% of the share capital of Drylab A/S (“Drylab”), a film and TV production SaaS platform in Scandinavia. The acquisition is expected to complete in the coming weeks. Once complete, the combined businesses will be renamed “Drylab Media Tech” plc to reflect the strengths of the two businesses.
Drylab post-completion will remain in the merged business and is used in over 90% of productions in Norway and Sweden. The platform has proved itself in the field of hundreds of high-end productions with global distribution from media outlets including Netflix, HBO, Paramount and BBC. Additionally, Drylab has been used on set for productions such as George Clooney’s Catch-22 and more recently the 2022 Oscar-nominated film The Worst Person in the World.
“We are pleased to have come to this agreement with Drylab. John, Audun and Stein have built a world-beating production platform that I wish we had in our early days. The efficiency gains by using such a digital platform would have made our lives easier. The global film and video market are on a significant growth trajectory and has reached a value of nearly $234.9 billion in 2020 and is expected to reach $318.2 billion by 2025 and $410.6 billion by 2030. We hope to use our network to access markets Drylab hasn’t been able to and look forward to reporting on our progress in due course,” said John Mahtani, CEO, Media Tech SPAC plc.
The combination of MTS and Drylab positions the enlarged business for growth through the proprietary technology built by Drylab and the big studio experience and network of the MTS executives. The intention is to use MTS’ network to expand the Drylab platform into the global marketplace and leverage the unprecedented growth being experienced by the film and TV production industry, which in turn is driving demand for solutions that improve the production process. MTS believes Drylab has a leading edge over its competitors as it combines both an on-set production tool and digital dailies platform.
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