The DAK Group, a leading investment bank specializing in middle-market mergers and acquisitions worldwide, announces its client, Padcaster, headquartered in New York, NY has acquired Parrot Teleprompter of Orem, Utah. The DAK Group served as the exclusive investment banker and financial advisor to Padcaster and managed the acquisition process.
“This transaction capitalizes on Padcaster’s ‘disrupter’ position as a technology company that provides enterprise-grade mobile media and broadcasting technology at a fraction of the cost. By acquiring Parrot Teleprompter, Padcaster has a tremendous opportunity for expansion, and growing their vision beyond its original roots,” stated Alan Scharfstein, President of The DAK Group.
Padcaster, founded in 2012, designs, manufacturers, and is an international provider of a full-range of Padcaster-branded professional, mobile, video products and accessories that transforms an iPad or any smartphone into an all-in-one video production studio and tool. The acquisition of Parrot is in line with Padcaster’s strategy of offering a one-stop-shop of innovative, affordable, mobile video production products and solutions to both its established global customer base and the growing market for video content creation.
“I am delighted to incorporate Parrot Teleprompter into Padcaster’s product line,” said Jon Goldberg, President of Padcaster. “Parrot complements Padcaster’s strategy of providing premium video production tools to our customers to shoot and share professional videos.” Parrot is being acquired from its founder, Brigham Arce, who will continue to consult with Padcaster. Mr. Arce states “As the inventor of the Parrot Teleprompter, it makes me proud to transition the company to Padcaster, who will build on the success and continue the vision of offering the best in mobile and affordable video production solutions.”
The DAK Deal Team was led by Alan Scharfstein, President, and Melvyn Peters, Associate. Sanford Mozes, Partner at Fox Rothschild LLP led the legal team.