Burlington-based Avid Technology Inc. is indeed being acquired by a private equity firm in a $1.4 billion deal, the company said Wednesday, confirming rumors of a potential sale that first emerged months ago.
After 30 years as a public company, the provider of video and audio editing tools for the entertainment industry is being taken private by an affiliate of Palo Alto, California-based STG.
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WATCH HEREThe deal is expected to close during the fourth quarter of 2023. Avid went public on the Nasdaq in 1993.
"It is important to know our Board and management team carefully evaluated potential paths forward for our company and determined that this transaction – and becoming a private company – is the best path forward for Avid and our stockholders," said Jeff Rosica, Avid CEO, in an email to employees that was made public. "We are confident that this transaction will support our ability to continue developing and delivering powerful tools that help creators of TV, film and music to re-imagine how they bring their stories to life."
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Avid's video-editing software was used major blockbuster movies, including 2019 Best Picture Academy Award winner "Green Book."
