Sony Pictures Imageworks (SPI) has purchased 50.1% of FrameFlow, the visual effects and animation studio based in Chennai, India, for about $5 million. FrameFlow worked on Sonys CLICK last year.
As part of the deal, FrameFlow will become Imageworks India and will work with SPIs main production facility in Culver City, California.
"Imageworks has taken 50.1% equity in FrameFlow and will be investing $5 million for the stake. We expect this would translate to about $20 million in revenue in three to five years," said Jenny Fulle, evp, production, Imageworks.
Imageworks will invest in infrastructure, technology and training in the new company. Imageworks India also plans a significant growth in its current talent base of 80 employees, as it continues to provide visual effects and animation services. It would be relocating to a larger office in Chennai with a seating capacity of 300, according to Hitesh Shah, ceo of FrameFlow and the co-md of Imageworks India.