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Avid sale ‘could happen this month’

According to reports, Symphony Technology Group (STG) and Francisco Partners are among the companies looking to acquire the media tech giant

A deal to sell Avid Technology could be signed within the next few weeks, according to a report.

The company is the largest provider of video and editing software to the media and entertainment industry.

Reuters suggests Symphony Technology Group (STG) and Francisco Partners are among the companies looking to acquire the media tech giant.

It cites a source as saying a deal could be signed this month, with Avid set to announce its quarterly earnings on Wednesday (9th August).

Both STG and Francisco Partners are private equity companies that invest in technology-focused businesses.

Reports of a possible Avid sale first emerged in May.¬†Avid is currently valued at around $1.04 billion. Avid’s share price closed up 18.4 per cent yesterday.

Avid told TVBEurope it has no comment to make on the report.