What’s the future for Avid, the OG Mr. Snippy Snip?
The original NLE app Avid Technology, maker of Media Composer and Pro Tools, has entered into a definitive agreement to be acquired for $1.4 billion.
Rumors have been going around for a few months that Avid was up for sale, and there was lots of speculation on who might buy it (my money was on Ross or Grass Valley).
If you had STG on your bingo card, please go buy some lotto tickets.
From their website: “STG is a private equity firm focused on fueling innovative software, data, and analytics market leaders in the mid-market”
Here are some companies from their portfolio.
Nothing that stands out in the film or media space.
What’s this mean for current and future support and development?
Nothing definitive, only speculation. I reached out to Avid’s media rep but didn’t receive a reply.
But this statement from Avid CEO Jeff Rosica indicates that the acquisition will help accelerate development:
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.
Hopefully, that also means addressing Titler+
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