Avid Technology – the developer of industry-standard tools such as Media Composer and Pro Tools – has recently announced that it has entered into a definitive agreement with an affiliate of private equity firm STG to be acquired for a sum of US$ 1.4 billion. Both Media Composer and Pro Tools have long been standard tools in the post-production industry – competing with other offers such as Premiere Pro, Final Cut, Ableton Live and DaVinci Resolve. The company also offers solutions for broadcasting, asset management, and storage. A recent switch to a subscription model was not very popular, but according to some analysts that was already a sign of the company wanting to attract potential investors. The Avid Media Composer UI. Source: Avid “Since our founding over 30 years ago, Avid has delivered technology that enables individuals and enterprises who create media for a living to make, manage and monetize today’s most celebrated video and audio content across the globe. We are pleased to announce this transaction with STG, who share our conviction and excitement in delivering innovative technology solutions to address our customers’ creative and business needs. STG’s expertise in the technology sector and significant financial and strategic resources will help accelerate the achievement of our strategic vision, building on the momentum of our successful transformation achieved over the past several years. This transaction represents the start of an exciting new chapter for Avid, our customers, our partners and our team members and is a testament to the importance...
Published By: CineD - Monday, 14 August, 2023