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Avid Announces Agreement to Acquire Euphonix

Comprehensive range of audio and video control surfaces and consoles expands Avid portfolio to provide seamless interoperability across broad spectrum of third-party solutions for every customer.

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Avid® (NASDAQ: AVID) today announced that it has entered into a definitive agreement to acquire Mountain View, CA-based Euphonix, a leader in large-format digital audio consoles, media controllers and peripherals. With the acquisition, Avid will deliver a broad range of audio and video control surfaces and consoles designed to meet the needs of customers ranging from the independent professional to the high-end broadcaster. Avid plans to continue to support and sell both Euphonix control surfaces and Avid's existing ICON solution, enabling customers to leverage existing investments in industry-leading hardware.

"This acquisition greatly expands our portfolio to offer customers a complementary set of workflow solutions–from independent producers creating music in their home studios to broadcasters preparing segments for national broadcast," said Gary Greenfield, chairman and CEO, Avid. "We remain committed to driving interoperability and modularity across a vast ecosystem of Avid and third-party creative hardware and software solutions. And, as audio and video workflows continue to converge, we are now well positioned to deliver control surfaces that work across both audio and video applications, making the content creation process more cost-effective and efficient for our customers."

Avid plans to further develop an open standard protocol that greatly expands the ecosystem of compatibility between the Euphonix control surfaces and a wide range of Avid and third-party audio and video applications, including Media Composer and Pro Tools. For existing Euphonix customers, Avid will continue to support EuCon– the Euphonix high-speed Ethernet protocol that enables its control surfaces to interface with third-party software.

The transaction is expected to close at the end of April.

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By our press release coordinator Sunday January 2, 2011
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