SCM, new CFO, and its digital video business
Fecha Viernes, julio 04 @ 14:40:27
Tema Socios de Negocio :: Partners
| Digital media solutions provider SCM Microsystems Inc. (nasdaq: SCMM - news - people) said it would sell its digital video business to Pinnacle Systems Inc. (nasdaq: SCMM - news - people) for $21.5 million in Pinnacle stock.
NEW YORK, June 30 (Reuters) - Digital media solutions provider SCM Microsystems Inc. (nasdaq: SCMM - news - people) named a new chief financial officer on Monday, and said it would sell its digital video business to Pinnacle Systems Inc. (nasdaq: SCMM - news - people).
Fremont, California-based SCM, which has its European headquarters in Ismaning, Germany, said Steven Moore would replace Andrew Warner as its CFO.
Moore worked with SCM in recent months to help divest the Dazzle digital media and video consumer business, and turn its focus to the security market, SCM said.
The company said it expected to close a deal within a month to sell the business to Pinnacle for $21.5 million in Pinnacle stock.
SCM said it would also sell its digital media reader consumer business to Zio Corp., which would be run by former CFO Warner.
As part of its new focus on security, SCM said it would restructure its security operations and take $35 million to $45 million in charges during the rest of 2003, mainly for asset writedowns.
Pinnacle expected the deal to add slightly to fiscal 2004 earnings on a proforma basis, and said it expected to account for the transaction in its first fiscal quarter of 2004.
Reuters
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