PRESS RELEASE 11th March 2024:
Phantom Digital Effects Limited (NSE: PHANTOMFX), a creative visual effects (VFX) studio, has finalized an agreement to acquire a majority stake of 80% in Tippett Studio This the acquisition will give PhantomFX control over the operations and monetary aspects of the legendary visual effects production company founded by Oscar-winning filmmaker Phil Tippett.
This strategic move is a significant milestone for both companies and the broader VFX industry. Tippett Studio, renowned for its groundbreaking work on blockbuster hits like JURASSIC PARK and STAR WARS, will continue its operations under the Tippett name, maintaining its commitment to delivering toptier VFX and post-production services to clients worldwide. The collaboration also entails PhantomFX’s commitment to retaining Phil Tippett’s involvement, leveraging his expertise to develop compelling intellectual property (IP) alongside the Tippett team and also underscores Phantom FX’s dedication to fostering creativity, innovation, and growth within the VFX landscape.
Gary Mundell, CEO of Tippett North America, will maintain his position and join the board, along with Cliff McDowell, who assumes the role of COO for North America. Phil Tippett himself will remain actively engaged, serving on the board and contributing creatively to the studio’s projects. Tippett Canada will remain integral to the company’s operations, continuing to deliver exceptional visual effects and storytelling services. The recent launch of Tippett Productions, a Canadian-based venture focusing on original content creation, underscores the studio’s commitment to nurturing new talent and bringing captivating stories to life.
The acquisition of Tippett by PHANTOMFX is expected to result in a significant increase in revenue growth of 20-25% during the 2024-2025 financial year. Tippett has several upcoming projects with leading Hollywood production houses and studios. This acquisition may lead to the addition of 250 to 300 employees in India, the United States, and Canada for PhantomFX, which will further enhance its global footprint and capabilities.
About Phantom Digital Effects Limited:
Phantom Digital Effects Limited (NSE: PHANTOMFX) is one of the leading creative visual effects (VFX) studio specializing in Film, Web series, and Commercial projects. The company, headquartered in India with additional offices in the United States and Canada, holds the esteemed Certified Trusted Partner Network (TPN) designation, underscoring its commitment to industry standards and security. PhantomFX, strategically located in Mumbai, Chennai, and Hyderabad, extends its global presence through subsidiaries in the UK and administrative offices in Los Angeles, Vancouver, Montreal, and Dubai. Offering end-to-end services to global production houses, including final compositing, 3D element creation, animation, and more, the company, co-founded by a team of creative-driven professionals, has earned a solid reputation for managing complex and scalable VFX production tasks. With an impressive clientele and industry trust, PhantomFX solidified its position as one of India’s most reliable visual effects providers, achieving a notable listing on the NSE Emerge platform in October 2022. For FY23, the Company has reported Total Income of ₹ 58.73 Crore, EBITDA of ₹ 23.48 Crore & Net Profit of ₹ 16.20 Crore.
About Tippett Studio
Tippett Studio stands as a renowned animation and visual effects powerhouse under the leadership of the esteemed Phil Tippett, a recipient of two Oscars and multiple Emmy awards. Nestled in Berkeley, California, the studio boasts a team of dedicated designers, supervisors, animators, and producers committed to delivering top-tier visual effects solutions at competitive rates. With a diverse portfolio ranging from classic stop-motion animation to cutting-edge computer graphics, Tippett Studio caters to clients worldwide, earning a stellar reputation for excellence and client satisfaction
The Company’s impressive roster of recent projects includes high-profile ventures like “THE BOOK OF BOBA FETT,” “THE MANDALORIAN Season 2,” and “LOCKE AND KEY Season 2,” demonstrating their versatility across various platforms including Disney Plus, Netflix, and Prime Video. Additionally, their involvement in blockbuster hits like “FALCON AND THE WINTER SOLDIER” and “I KNOW WHAT YOU DID LAST SUMMER” showcases their ability to tackle diverse genres and mediums. Tippet Studio expanded with the launch of Tippett Canada, a fully operational post-production facility catering to heavyweight clients such as Marvel Studios, Lucasfilm, Disney, and more. This expansion underscores their commitment to providing unparalleled visual effects services to a global clientele. Phil Tippett’s legacy as a visionary in the realm of cinema is highlighted through his creation of iconic characters like Jabba the Hutt, the Tauntauns, and the Rancor Monster in the Star Wars franchise, as well as contributions to groundbreaking films like “JURASSIC PARK” and “ROBOCOP,” solidifying Tippett Studio’s status as a trailblazer in the industry