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Avid Completes Acquisition of Orad Hi-Tec Systems
More than 600 customers worldwide currently rely on Orad's cutting-edge technology to produce graphics, live events, and sports broadcasts. Avid plans to expand its portfolio and distribution network with Orad's comprehensive line of news, channel branding, sports production and enhancement, elections and special events, virtual studios, video walls, and virtual advertisement products. With this expanded capability, media organizations on the Avid MediaCentral Platform should be able to reduce the burden of piecing together disparate fragmented workflows in their production environments, resulting in less complexity, fewer interoperability challenges, and greater efficiency and productivity.
"Orad has built an incredibly talented team of visionaries and product experts as well as a culture of customer success, and we are thrilled to have them as part of the Avid family," said
The combination of Avid and Orad is expected to deliver a number of significant benefits for customers of both companies, including:
- Enhanced integration — Key Orad solutions are already integrated with products on the Avid MediaCentral Platform including graphics integrations with Avid iNEWS newsroom management and Media Composer, as well as video server support for ingest and playout with DNxHD. In the near future, customers should experience enhanced integration between more Avid and Orad solutions.
- More comprehensive workflows — Tightly integrating Orad's products into the Avid MediaCentral Platform is intended to provide media organizations with a more comprehensive, efficient set of on-air graphics and live production capabilities.
- Improved efficiency — With less complexity and fewer interoperability challenges, media organizations can be more productive and operate more efficiently when more of their critical workflow solutions are integrated onto a single platform.
- Complete choice with an open ecosystem — While the MediaCentral Platform will now include its own line of on-air graphics and live production solutions via Orad, customers will continue to enjoy complete choice over which solutions they want to use in their environments.
- More options for workflow management — Orad's workflow management solutions are highly complementary to Avid's asset and workflow management (MAM) solutions, and Avid is working to align the two product lines to provide a more comprehensive workflow management solution for customers of both product sets.
Under the terms of the deal, Avid paid €5.67 in cash for each share of Orad common stock, which at today's exchange rate equals approximately
Through Avid Everywhere™, Avid delivers the industry's most open, innovative and comprehensive media platform connecting content creation with collaboration, asset protection, distribution and consumption for the most listened to, most watched and most loved media in the world—from the most prestigious and award-winning feature films, music recordings, and television shows, to live concerts and news broadcasts. Industry leading solutions include Pro Tools®, Media Composer®, ISIS®, Interplay®, and Sibelius®. For more information about Avid solutions and services, visit www.Avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs.
Forward Looking Statement
The information provided in this press release includes forward-looking statements that involve risks and uncertainties. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include but are not limited to: the anticipated benefits of the transaction, including estimated synergies; the effects of the transaction, including effects on future financial and operating results; and other statements that are not historical facts. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: risks related to disruption of management time from ongoing business operations due to the transaction and the integration of Orad into Avid; the risk that Avid may fail to realize
the benefits expected from the transaction; the risk that the integration of Orad into Avid may not progress as anticipated; the risk that the announcement of the completion of the transaction could have adverse effects on the market price of Avid's common stock; and the risk that the transaction and its announcement could have an adverse effect on the ability of Avid and Orad to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers; and on their operating results and businesses generally. The risks included above are not exhaustive. Other factors that could adversely affect Avid's business and prospects are described in the filings made by Avid with the
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