In the weeks leading up to NAB 2019, Vizrt announced it's aquisiton of NewTek. This deal brought together two major companies in the industry, creating a real game changer. Dr Andrew Cross, President and CTO of NewTek sat down with tvtechnology.com to discuss the companies future.
The full Q&A is available HERE, but some highlights included plans for NewTek's future and what effect the deal has on Newtek's sales channels.
How did this buyout come about?
NewTek and Vizrt have had a solid relationship for years, and have collaborated in the past.
"We have known each other for years, and we collaborate a bit, but we exist in different markets. Then about a year and a half ago my friend, who is the co-founder of Viz, came down to visit San Antonio—his first time here. We went out for pizza, and we were just sitting there thinking, 'Gosh, we’ve got so little in common, yet the same philosophy. What would it look like if we put all of this together?"Dr Andrew Cross
Is the company going to see a relocation?
Vizrt is very much an international company. So the answer is clearly no. NewTek is going to stay in San Antonio. Vizrt is going to stay in Norway. When it is really hot in the summer, it means we have a good place to visit. And, I can tell you that when it is cold and wet in Norway in the winter, they’ll want to come and visit us.Dr Andrew Cross
Is the deal closed?
The deal is signed, and the deal will close on a date to be determined, but very soon. My head is spinning with the lawyers and accountants. But it is very soon.Dr Andrew Cross
What will be the continued role of Tim Jeninson?
While Jeninson was the founder of NewTek, he hasn't been directly involved in years. Cross said they will be continuing in the same fassion.
I look at this very much as "we are the kid that didn’t leave home and stayed in Tim’s garage, but now we are 30 years old and it’s time for us to leave home, but our parents still really care about us and have a vested stake in us being successful."Dr Andrew Cross
Will Cross continue to oversee research and development as president of R&D?
Cross assured the interviewer that he will more than likely continue his role in research, as he feels totally invested in in the success of the project.
Probably. The honest answer is that I am so totally invested in making this work, making it successful. I am excited about this project. Where I fit in is almost secondary in my mind to my excitement about the deal and the process. And yes, I think I will be involved in R&D at both companies.Dr Andrew Cross
While it is still unclear as to what this merger means for the industry, it is sure to be a shake up. The Vizrt and NewTek merger promises many new and exciting developments from both companies.