It was only a matter of time. Reel FX has been doing outsource work for other studios for quite some time. They did a lot of Open Season 2, and are doing most of Open Season 3. They've done bit parts on a few other studio films. While the work on these projects haven't been all that great, the studio is capable of nice stuff.
An announcement came yesterday that they have $35 million to make their first CG feature. Now, that may not seem like much. But keep in mind, these guys are in Dallas, not San Fran or LA. Open Season 2 & 3 budgets were under $5 million. I'm confident these guys can really stretch the dollar nicely.
Of course, that is if they can keep the production in control. Meaning, don't fall into the same trap that Disney/DreamWorks/Pixar does. And that is re-working the story until everyone is blue in the face. Those other studios have the $$ to do such a thing. But at $35 million, you can't do it. And especially, you can't go back and rework the story after production begins.
We'll see in a few years how this all pans out. But for now, I bet they'll be able to do a lot with the $35. Hopefully they can find a distribution partner that can get it in front of faces.