Pinnacle Systems, which specializes in streaming media solutions for the professionals and desktop users, Thursday says it is purchasing a German video editing software business for $15 million.

Mountain View, Calif.-based Pinnacle says it will acquire all intellectual property, software rights, products, other assets, and certain liabilities of FAST Multimedia in a combination of cash and stock. The company is known for its FASTstudio.DV. Pinnacle makes and distributes editing, post production, streaming and broadcast products.

Just like Pinnacle, Munich, Germany-based FAST develops video editing solutions but in more of a mid-range standard of products.

"This acquisition furthers Pinnacle's expanding family of software applications and solutions to provide higher value-add for our customers," says Pinnacle President and CEO Mark Sanders. "FAST's advanced software for video content creation fills an important gap between our consumer editing software products and our high-end broadcast systems."

The buyout also puts Pinnacle in touch with FAST's many international partners such as Sony, Philips, Microsoft, Intel, HP, Panasonic and C-Cube.

Pending stockholder and government approval, the deal is expected to close in early October.