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Tuesday, May 30, 2023 10:59:52 AM
Saturday, May 27, 2023 12:53 pm
Avid Technology Inc, a provider of video and audio editing software and equipment to filmmakers and recording studios, is exploring a potential sale, Reuters reports citing “people familiar with the matter.”
Reuters:
The Burlington, Massachusetts-based company is working with Goldman Sachs Group on the sale process and has asked for binding offers from interested parties, the sources said.
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.
In its first-quarter earnings, Avid’s annual recurring revenue grew 8.1% to $228 million, while its active paid software subscriptions grew 22% year-on-year.
The company missed analysts’ expectations, however, and its shares have dropped, down almost 20% year-to-date.
Avid Chief Executive Jeffrey Rosica told analysts on the company’s earnings call that supply chain issues created “substantial and unexpected gross margin headwinds for audio hardware,” which eroded profitability.
MacDailyNews Take: Avid’s market cap is currently $1.06 billion. If they thought it of value, Apple wouldn’t even blink at that price plus whatever premium would be required to close the sale.
According to Enlyft, which tracks various audio and video editing products and technologies, Avid has less than 5% market share of the 159,361 companies tracked, 6th on the list after Adobe Premiere (23%), Apple Final Cut Pro (22%), TechSmith Camtasia (11%), Apple iLife (10%), and Adobe Audition (6%). Of course, in purely professional film/video editing, Avid has a significantly higher share.
Adobe Premiere is consumer-grade trash compared to both Avid’s Media Composer and Apple’s Final Cut Pro.
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https://macdailynews.com/2023/05/27/avid-reportedly-exploring-sale-of-company/
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