Avid acquires Orad
Published: MEA
WORLD: Avid has completed its acquisition of Orad Hi-Tec Systems. Under the terms of the deal, Avid paid €5.67 in cash for each share of Orad common stock, which equals approximately US$65 million, net of estimated cash acquired. The company funded the transaction with the proceeds received from the recently announced sale of its convertible senior notes.
Orad is a provider of 3D real-time graphics, video servers, and related workflow management solutions which Avid believes are highly complementary to its MediaCentral platform. Following the acquisition, Avid plans to expand its portfolio and distribution network with Orad’s line of news, channel branding, sports production and enhancement, elections and special events, virtual studios, video walls, and virtual advertisement products.
‘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 Louis Hernandez, Jr., chairman, president, and CEO of Avid. ‘Many of Avid’s and Orad’s solutions are already well integrated and widely used together by the world’s top media organisations, 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.’