Avid enters into definitive acquisition agreement | Media Investment | Business | News | Rapid TV News
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Just as it was about to announce its second quarter results, leading media and entertainment technology company Avid has announced that it has entered into a definitive agreement to be acquired by an affiliate of private equity partner firm STG.
Avid MediaCentral iPad 26July2022
STG specialises in investments in data, software and analytics and has a portfolio consisting of more than 50 global companies. It says it is dedicated to transforming and “building outstanding technology companies in partnership with world-class management teams.” 

The all-cash transaction values Avid at approximately $1.4 billion, inclusive of its net debt. The transaction was unanimously approved by Avid’s board of directors and is expected to close during the fourth quarter of 2023, subject to stockholder approval, regulatory approvals and other customary closing conditions. Upon completion of the transaction, Avid will become a privately-held company.

Jeff Rosica, Avid’s chief executive officer and president welcomed the deal which marks a new chapter for Avid and its customers and partners after 30 years in the industry. “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,” he said. “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.”

STG managing partner William Chisholm added: “STG has admired Avid’s heritage as a category creator and pioneer in the media and entertainment software market for many years. We are excited to partner with Jeff and the management team to build on the Company’s history of delivering differentiated and innovative content creation and management software solutions. We look forward to leveraging our experience as software investors to accelerate Avid’s growth trajectory with a deep focus on technological innovation and by delivering enhanced value for Avid’s customers.”