Media and entertainment industry leader Avid Technology has announced the completion of its acquisition by an affiliate of private equity firm STG in an all-cash transaction valued at approximately $1.4 billion. The acquisition was previously announced on August 9, 2023, and approved by Avid stockholders on November 2, 2023. Avid will continue to serve its customers and remain headquartered in Burlington, Massachusetts, but will operate as a private company shedding many of the burdensome chores of financial reporting that publicly traded companies must endure.
According to Jeff Rosica, Avid’s Chief Executive Officer and President, who has since announced his impending retirement, this is a good thing. “Avid will be able to achieve the speed of innovation, scale and performance required for us to continue leading the industry forward” and “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.”
Of his retirement, Jeff Rosica, who has been part of the leadership of Avid for more than a decade and CEO for nearly six years, said “I’m not going anywhere too soon. I’ll be continuing as CEO for a few more months and helping to recruit my replacement in collaboration with STG, so we’ll have a smooth transition and stay right on course to help all our customers—and continue to execute Avid’s strategic plan.”