Avid has completed its acquisition of Orad Hi-Tec Systems, a provider of 3D real-time graphics, video servers, and related workflow management solutions. Under the terms of the deal, Avid paid €5.67 in cash for each share of Orad common stock, which at today’s exchange rate equals approximately $65 million, net of estimated cash acquired.
More than 600 customers worldwide currently rely on Orad’s technology to produce graphics, live events, and sports broadcasts. Avid plans to expand its portfolio and distribution network with Orad’s line of news, channel branding, sports production and enhancement, elections and special events, virtual studios, video walls, and virtual advertisement products. Avid hopes that this expanded capability will benefit media organisations on the Avid MediaCentral Platform.
“Orad has built an incredibly talented team of visionaries and product experts as well as a culture of customer success, and we are thrilled to have them as part of the Avid family,” said Louis Hernandez, Jr. (pictured), chairman, president, and CEO of Avid. “Many of Avid’s and Orad’s solutions are already well integrated and widely used together by the world’s top media organisations, and we are working aggressively to bring all of Orad’s product lines into the Avid MediaCentral platform quickly. We look forward to keeping the community updated on our progress in the coming weeks and months.”
Avid expects the acquisition to deliver a number of benefits for customers of both companies. These include enhanced integration, as key Orad solutions are already integrated with products on the Avid MediaCentral Platform including graphics integrations with Avid iNEWS newsroom management and Media Composer, as well as video server support for ingest and playout with DNxHD. more Avid and Orad solutions.
Integrating Orad’s products into the Avid MediaCentral Platform is intended to provide media organisations with a more comprehensive, efficient set of on-air graphics and live production capabilities. With less complexity and fewer interoperability challenges, it is hoped that media organisations will be more productive and operate more efficiently, with more of their critical workflow solutions integrated onto a single platform.