6:43am PT by Carolyn Giardina
Avid Completes $65 Million Orad Deal
Avid — the Burlington, Mass.-headquartered, publicly traded maker of the widely used Media Composer editing system and Pro Tools sound postproduction technology — has paid $65 million in cash to complete its acquisition of Orad Hi-Tec Systems.
Avid announced in April that it entered into an agreement to acquire Orad — an Israel-based developer of 3D graphics systems, video servers and workflow tools that is publicly traded on the Frankfurt stock exchange. With the acquisition, Avid gains Orad products that service areas like news and sports production, channel branding, virtual studios and video walls.
“Many of Avid’s and Orad’s [technologies] are already well integrated and widely used together by the world’s top media organizations, and we are working aggressively to bring all of Orad’s product lines into the Avid MediaCentral platform quickly. We look forward to keeping the community updated on our progress in the coming weeks and months,” said Avid chairman, president and CEO Louis Hernandez, Jr. in a statement.
Avid noted that certain Orad tools are already integrated with products on Avid's connected MediaCentral platform, including Orad graphics tools with Avid's iNEWS newsroom management system and Media Composer.