A deal for a Derby-based theme park tech firm which fell into administration has been completed.
In May, it was announced that Picsolve, which provides digital photo and video services to some of the world’s most popular visitor attractions, had called in administrators after being hit hard by the effects of the coronavirus lockdown.
However, last month, joint administrators from Deloitte announced it had secured a deal for the Pride Park business with artificial intelligence tech firm Pomvom, which is headquartered in Tel Aviv, Israel.
Now, the deal has been completed, resulting in more than 600 permanent Picsolve staff transferring to Pomvom 海角视频, a newly incorporated entity wholly owned by Pomvom Ltd.
Picsolve creates technology for attractions such as Alton Towers, Thorpe Park, the London Eye and major venues in the US and China.
The company was founded over 25 years ago as Rx Technology and changed its name in 2002.
Since then it has evolved into a leading digital content capture partner for world-class visitor destinations, developing innovative new products through its Picsolve Lab such as Video Engine, Super Selfie and the Experience Wall.
Pomvom provides real-time digital photography experiences at music concerts, festivals and sporting events by using AI image recognition technology.
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David Hockley, chief executive at Picsolve, said: “This merger will create a very powerful global player in the entertainment technology sector.
“We will combine our market knowledge and expertise, our innovative products and solutions and global footprint, with Pomvom’s industry leading technology, proven track record in new market development and dynamic, start-up culture.
“Together we will create a clear market leader that is capable of supporting our customers as they start to reopen and take advantage of the green shoots of recovery in the market.”
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Yehuda Minkovicz, founder and chief executive at Pomvom 海角视频, said: “Picsolve’s digital transformation ambitions and continuous investment in technological innovation is a major attraction for us.
“Together with its global reach, we can support many more businesses in the leisure, entertainment and sporting event industries.
“With our image recognition AI platform, we are perfectly placed to offer customers the ability to boost destination revenues and drive post-visit sales’ channels, while simultaneously arming visitors with engaging digital content that can be shared online.”