NEW YORK : Private equity firm Symphony Technology Group is nearing a deal to acquire media editing software maker Avid Technology Inc for close to $1.4 billion, including debt, according to people familiar with the matter.
The agreement may come alongside the publication of Avid's quarterly earnings report later on Wednesday, the sources added, asking not to be identified ahead of an official announcement.Founded in 1987, Avid provides editing software and hardware primarily to entertainment industries. Its products, which have been used in the production of blockbuster movies such as"Top Gun: Maverick" and"Avatar: The Way of Water," include Media Composer, MediaCentral and AirSpeed.
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