DNEG ("DNEG" or "the Company"), a leading technology-enabled visual effects (VFX) and animation company for the creation of feature film, television and multiplatform content, and Sports Ventures Acquisition Corp. ("Sports Ventures") (NASDAQ:AKIC), a publicly-traded special purpose acquisition company, announced today they have filed with the U.S. Securities and Exchange Commission ("SEC") a preliminary proxy statement with respect to their proposed business combination (the "Business Combination"). The filing can be found here.
The Business Combination with Sports Ventures is subject to customary closing conditions, including the approval of Sports Ventures' stockholders, and is expected to be consummated by the third quarter of 2022. Upon the closing of the Business Combination, the Company will operate under the DNEG name and is expected to be listed on NASDAQ trading under the new symbol "DNGG". For more information about the transaction, please visit
Selected DNEG business highlights include:
- For the nine months ended December 31, 2021, DNEG generated revenue of $276.8 million, net income of $20.5 million and Adjusted EBITDA of $58.4 million.(1)
- The Company's percentage of recurring revenue for the applicable year coming from customers from which revenue was generated in the prior year was 96.9%, 95.8% and 93.9% for fiscal years ending March 31, 2021, March 31, 2020 and March 31, 2019, respectively.
- As of December 31, 2021, the Company's aggregate order book and order pipeline stood at approximately $865.3 million.
- DNEG has provided VFX services for films that have won six Academy Awards® for Best Visual Effects, seven BAFTA awards, 18 Visual Effects Society Awards, and three EMMY® Awards for Outstanding Special Visual Effects.
- In February 2022, DNEG received two nominations for the 94th Academy Awards in the Best Visual Effects category for its work on feature films Dune and No Time to Die.