Avid Technology has entered into a definitive agreement to be acquired by an affiliate of STG in an all-cash transaction valuing Avid at approximately US$1.4 billion, inclusive of Avid’s net debt.
Jeff Rosica, Avid’s Chief Executive Officer & President, said, “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 monetise 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 is a private equity partner to market-leading companies in data, software, and analytics and is expected to complete the acquisition of Avid in the fourth quarter of 2023.
William Chisholm, Managing Partner of STG, 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.”