Avid Technology, Inc. (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced the completion of its acquisition by an affiliate of STG in an all-cash transaction valued at approximately $1.4 billion. The acquisition was previously announced on August 9, 2023, and approved by Avid stockholders on November 2, 2023.<\/p>\n\n\n\n
Under the terms of the merger agreement, Avid stockholders will receive $27.05 per share. As a result of the completion of this transaction, Avid common stock will cease trading prior to the opening of trading on November 7, 2023, and will no longer be listed on the Nasdaq Stock Market. Avid will operate as a privately-held company and remain headquartered in Burlington, Massachusetts. <\/p>\n\n\n\n
\u201cBy becoming a private company, we believe Avid will be able to achieve the speed of innovation, scale and performance required for us to continue leading the industry forward,\u201d said Jeff Rosica, Avid\u2019s Chief Executive Officer and President. \u201cCombined with their significant operational and financial resources, STG brings deep investment experience in the technology sector that will accelerate the achievement of Avid\u2019s strategic vision, building on the momentum of our successful ongoing transformation achieved over the past several years.\u201d<\/p>\n\n\n\n
\u201cWe are excited to begin the next phase of Avid\u2019s journey. Avid\u2019s solutions are integral to content creation and management workflows across the film, television and music markets. Building on Avid\u2019s established leadership position, we look forward to accelerating Avid\u2019s growth trajectory through a deep focus on innovation and delivering enhanced customer value,\u201d said William Chisholm, Managing Partner, and Patrick Fouhy, Principal, of STG.<\/p>\n","protected":false},"excerpt":{"rendered":"
Avid Technology, Inc. (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced the completion of its acquisition by an affiliate of STG in an all-cash transaction valued at approximately $1.4 billion. The acquisition was previously announced on August 9, 2023, and approved by Avid stockholders on November 2, 2023.… Continue reading STG Completes Acquisition Of Avid Technology<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":10462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[213],"tags":[236],"class_list":["post-20475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hardware-software","tag-avid","entry"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.samdb.co.za\/blogs\/wp-content\/uploads\/2020\/08\/avid-logo.jpg?fit=150%2C66&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/posts\/20475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/comments?post=20475"}],"version-history":[{"count":0,"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/posts\/20475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/media\/10462"}],"wp:attachment":[{"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/media?parent=20475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/categories?post=20475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.samdb.co.za\/blogs\/wp-json\/wp\/v2\/tags?post=20475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}