Avid Technology, one of the world’s most prominent makers of professional music-making software, is being acquired in a deal worth $1.4 billion, as confirmed in a statement issued on August 10th.
The developer of video and audio editing tools, including the well-known Pro Tools DAW, has agreed to be acquired by private equity firm Symphony Technology Group (STG) in a transaction worth around USD $1.4 billion.
The company’s shares jumped 18% that day on the news, having earlier dropped precipitously following a disappointing Q1 earnings report.
The massive cash buy-out from STG signals exciting times ahead for the evolution of music technologies. Alongside the ever changing role of AI in modern music technology, the next step’s in Avid Technologies future will be interesting to keep an eye on.
Why Should YOU Care?
Music technologies have been evolving faster than ever before, and another big buy out within the sector can only point to faster, more meaningful changes down the line.