Avid Technology has announced the completion of its acquisition by an affiliate of STG in an all-cash transaction valued at approximately US$1.4 billion. The acquisition was previously announced on August 9, 2023, and approved by Avid stockholders on November 2, 2023.
Jeff Rosica, Avid’s outgoing Chief Executive Officer & President, said, “By 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.
“Combined with their significant operational and financial resources, STG brings deep investment experience in the technology sector that will accelerate the achievement of Avid’s strategic vision, building on the momentum of our successful ongoing transformation achieved over the past several years.”
Roscia had announced after the acquisition of Avid by STG, that he will be retiring during the first half of 2024.
William Chisholm, Managing Partner, and Patrick Fouhy, Principal, of STG, added, “We are excited to begin the next phase of Avid’s journey. Avid’s solutions are integral to content creation and management workflows across the film, television and music markets.
“Building on Avid’s established leadership position, we look forward to accelerating Avid’s growth trajectory through a deep focus on innovation and delivering enhanced customer value.”