AVID acquired by private equity firm Symphony Technology Group for $1.4 billion
CEO Jeff Rosica hails STG’s “expertise in the technology sector and significant financial and strategic resources”.
Image: Avid
AVID Technology Inc – the company behind Pro Tools and Sibelius – will be bought by private equity firm Symphony Technology Group for $1.4 billion, in a deal reported by Reuters.
The news comes after it was revealed that US firm Francisco Partners – a major investor in Native Instruments and iZotope – made a bid to acquire AVID just earlier this week.
As reported, the all-cash deal means that AVID shareholders will receive $27.05 per share in cash.
The deal is expected to close in the fourth quarter of 2023, and AVID says Sixth Street Partners and Silver Point provided debt financing for the deal.
“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,” says Jeff Rosica, AVID’s Chief Executive Officer and President.
“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 of AVID and our solutions in powering the media and entertainment industry.”
“After carefully evaluating a variety of options, the Board determined that this transaction is in the best interests of AVID and its stockholders,” adds AVID Chairman John Wallace.
AVID is an industry-leading provider of music software, owning both digital audio workstation Pro Tools and music notation software Sibelius. Its products are among the most popular in the music world, with Pro Tools likely the most used digital audio workstation.
Sibelius is also one of the most commonly used scoring softwares in the composition world, and counts the likes of Hans Zimmer among its users.
