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Shareholders Approve Avid Technology Acquisition of Pinnacle Systems

Authored by Mark Hefflinger on July 28, 2005 - 7:15am.
Mountain View, Calif. -- Avid Technology, a maker of audio and video editing systems, and competitor Pinnacle Systems said that shareholders from both companies have approved Avid's acquisition of Pinnacle. In March, Avid agreed to pay $462 million in cash and stock for Pinnacle. The closing of the deal remains subject to approval by European regulators.
tags: Acquisition | Approve | Shareholders | Avid Technology | Pinnacle Systems |

Avid Technology Acquires Pinnacle Systems for $462 Million

Authored by Mark Hefflinger on March 21, 2005 - 9:55am.
Tewksbury, Mass. -- Avid Technology, a manufacturer of professional video editing equipment used by movie and television producers, announced on Monday that it will acquire Pinnacle Systems, a provider of both professional and consumer video editing software, for $462 million in cash and stock. Mountain View, Calif.-based Pinnacle Systems reported sales of $334.8 million in 2004, and currently counts over 800 employees. Massachusetts-based Avid said it will benefit from the addition of Pinnacle's MediaStream and Deko systems to its broadcast production products, and will create a new consumer video division based around Pinnacle's consumer video editing software. "We see this acquisition as the next logical step in our long-term strategy. Just as our acquisition of M-Audio in 2004 brought us into the consumer audio business, by acquiring Pinnacle's consumer video business, Avid will be able to tap into the next generation of video editors while they are still learning their craft," said Avid president and CEO David Krall.
tags: Deals | Avid Technology | Pinnacle Systems |