Avid has officially been acquired by an affiliate of STG in an all-cash transaction valued at approximately $1.4 billion.
The acquisition was previously announced in August, and approved by Avid stockholders on November 2, 2023.
As a result of the completion of the transaction, Avid common stock will cease trading prior to the opening of trading today (November 7, 2023), and will no longer be listed on the Nasdaq Stock Market.
The company will now operate as a privately-held company and remain headquartered in Burlington, Massachusetts.
“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,” said Jeff Rosica, Avid’s chief executive officer and resident. “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.”
“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,” added William Chisholm, managing partner, and Patrick Fouhy, principal, of STG.