“By consolidating and leveraging resources, we are better positioned to respond more quickly and effectively to the needs of our customers and to weather the challenges of operating in a tough economic environment.” “We have taken a number of measures to realign our organization around the security market and strengthen our operational efficiency,” explained Schneider. SCM today also announced the restructuring of its Security business.
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We can now simplify our business model and concentrate our full attention on developing and supplying premier solutions for secure digital access.” As a security company, SCM will provide secure access solutions based on smart card technology for broadcast decryption, network authentication and personal identification, and physical access.
Commented Robert Schneider, chief executive officer, “With the sale of our retail-based Digital Media and Video business, we have cleared the way to execute on our vision to focus on the security market. SCM will retain the division’s core ASIC technology for interface and connectivity. Warner is resigning from SCM effective today (see separate release, “SCM Microsystems Names New CFO” dated June 30, 2003). Zio is headed by Andrew Warner, SCM’s chief financial officer, who has also served as executive vice president of the Digital Media and Video division for the past two years. The company will distribute the digital media products, including existing inventories, through established sales channels and will assume certain liabilities and supply arrangements for the planned disposition of reader inventory.
“Our goal is to make the blending of our great video editing solutions as smooth and transparent as possible for our mutual customers.”Īs part of the divestiture, SCM also is selling its digital media reader consumer business to Zio Corporation, which will focus on supporting and building on the success of the Dazzle brand in the digital reader market. Kim Fennell, president and chief executive officer of Pinnacle Systems, Inc. “We are delighted to round out our award-winning offerings of consumer video editing solutions with Dazzle’s technology and brand,” said J. The deal is expected to close within 30 days, subject to customary closing conditions. (Nasdaq: PCLE) for $21.5 million in Pinnacle Systems common stock, subject to final valuation of assets of the business at closing. SCM has agreed to sell its digital video business to Pinnacle Systems, Inc. (Nasdaq: SCMM Prime Standard: SMY), a leading provider of solutions that open the Digital World, today announced the completion of its strategy to divest its Dazzle Digital Media and Video consumer business and focus on the security market. Power LogOn® Enterprise Identity Management SoftwareįREMONT, CALIF.
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