Avid Technology, Inc.
TypePrivate
Nasdaq: AVID
IndustryComputer software, Technology, Multimedia
FoundedAugust 1987 (1987-08)
FounderBill Warner
HeadquartersBurlington, Massachusetts, United States
Key people
Jeff Rosica (president &​ CEO)
ProductsPro Tools, Media Composer, Sibelius, Avid Play Avid VENUE, Avid NEXIS, MediaCentral, FastServe, MBOX Studio, Pro Tools Carbon, Pro Tools MTRX, Airspeed, Avid Maestro Graphics.
RevenueIncrease US$417 million (2022)
Increase US$53.9 million (2022)
Increase US$55.2 million (2022)
Total assetsIncrease US$287 million (2022)
Total equityNegative increase −US$119 million (2022)
OwnerSymphony Technology Group
Number of employees
1,485 (2022)
Websiteavid.com
Footnotes / references
[1]

Avid Technology, Inc. is an American technology and multimedia company that develops digital non-linear editing (NLE) systems, video editing software, audio editing software, music notation software and management and distribution services. It is based in Burlington, Massachusetts, and was founded in August 1987 by Bill Warner.[2][3]

Avid products are used in the television and video industry to create television shows, feature films, and commercials. Media Composer, a professional non-linear editing system, is Avid's flagship product.[4]

History

Avid was founded by Bill Warner, a former marketing manager from Apollo Computer. A prototype of their first non-linear editing system, the Avid/1 Media Composer, was shown at the National Association of Broadcasters (NAB) convention in April 1988. The Avid/1 was based on an Apple Macintosh II computer, with special hardware and software of Avid's design installed. The Avid/1 was "the biggest shake-up in editing since Melies played with time and sequences in the early 1900s".[5] By the early 1990s, Avid products began to replace such tools as the Moviola, Steenbeck, and KEM flatbed editors, allowing editors to handle their film creations with greater ease. The first feature film edited using the Avid was Let's Kill All the Lawyers in 1992, directed by Ron Senkowski. The film was edited at a 30fps NTSC rate, then used Avid MediaMatch to generate a negative cutlist from the EDL.[6][7] The first feature film edited natively at 24fps with what was to become the Avid Film Composer was Emerson Park. The first studio film to be edited at 24fps was Lost in Yonkers, directed by Martha Coolidge. By 1994 only three feature films used the new digital editing system. By 1995 dozens had switched to Avid, and it signaled the beginning of the end of cutting celluloid. In 1996 Walter Murch accepted the Academy Award for editing The English Patient (which also won best picture), which he cut on the Avid. This was the first Editing Oscar awarded to a digitally edited film (although the final print was still created with traditional negative cutting).[8]

Avid, logo, used from 2007
Avid, logo, used from 2009
Avid, logo, used from 2017
Avid, logo, used from 2019

In 1994 Avid introduced Open Media Framework (OMF) as an open standard file format for sharing media and related metadata.

In the past, Avid released Avid Free DV, a free edition of Media Composer with limited functionality; Xpress DV, a consumer edition of Media Composer; and Xpress Pro, a prosumer edition of Media Composer. These editions were discontinued in 2008 as the flagship Media Composer was lowered in price.

On March 29, 1999, Avid Technology, Inc. adjusted the amount originally allocated to IPR&D and restated its third-quarter 1998 consolidated financial statements accordingly, considering the SEC's views.[9]

In February 2018, Avid appointed Jeff Rosica as CEO, after terminating Louis Hernandez Jr, who was accused of workplace misconduct.[10]

In May 2023, Reuters reported that Avid was exploring selling the company.[11]

In August 2023, Avid Technology entered into a definitive agreement to be acquired by an affiliate of STG for $1.4 billion,[12] which was finalized three months later.[13]

Awards

In 1993, the National Academy of Television Arts & Sciences awarded Avid Technology and all of the company's initial employees with a technical Emmy award for Outstanding Engineering Development for the Avid Media Composer video editing system.[14][15]

On March 21, 1999, at the 71st Academy Awards, Avid Technology Inc. was awarded an Oscar for the concept, system design and engineering of the Avid Film Composer for motion picture editing which was accepted by founder Bill Warner.[16]

Acquisitions

Acquired Company Details Sold
1994 EditDroid A computerized analog non-linear editing (NLE) system which was developed by Lucasfilm spin-off company.[17]
1993 DiVA Corporation developer of Videoshop, Quicktime-based home video editing software
1994 Digidesign developer of Pro Tools, digital audio workstation, and Venue, brand of digital mixing consoles
Basys ITN's newsroom computer and automation system (from Digital Equipment Corporation), then implemented into iNews in 2001
Newsview Novell-based newsroom computer system
1995 Elastic Reality, Inc. developer of Elastic Reality, morphing software
Parallax Software developer of Matador, Illusion and Jester, ink-and-paint software
1998 Softimage developer of Softimage|3D, 3D graphics software (previously subsidiary of Microsoft) 2008 (to Autodesk)
NewStar strategic alliance Avstar with Grass Valley—then owners of Lightworks
2000 Motion Factory developer of interactive 3D software for games and the Web[18]
Pluto Technology DDR playback servers
2002 iKnowledge developer of Active Content Manager, newsroom management software
2003 Rocket Networks private sharing network technology for Internet collaboration, then implemented in Digidelivery, encrypted file transfer system[19] 2007 (to Aspera)
2004 NXN Media Asset Management software components
Bomb Factory audio plug-ins developer
M-Audio audio interfaces and equipment manufacturer 2012 (to inMusic)
2005 Pinnacle Systems digital video hardware and software manufacturer 2012 (to Corel)
Wizoo virtual instrument, plug-in effect and sample library designer;[20] developed AIR (Advanced Instrument Research), series of plug-ins and virtual instruments subsequently included in Pro Tools 2012 (to inMusic)
2006 Medéa Corporation high-speed RAID storage manufacturer
Sundance Digital broadcast automation software
Sibelius Software developer of Sibelius, notation software
Maximum Throughput developer of MAXedit, visual effects editing software[21]
2010 Blue Order Solutions AG Media asset management software
Euphonix digital mixing console and control surface manufacturer; EuCon protocols were integrated into Pro Tools; the Artist Series and System 5 Family were added to Avid control surfaces
2012 Rocket Network provides online music recording studios[22]
2015 Orad Systems developer of 3D real-time graphics and video servers products, then integrated into the MediaCentral Platform[23]

See also

References

  1. ↑ "Avid Technology, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 1, 2023.
  2. ↑ "About Avid". Avid Technology. Archived from the original on 16 January 2009. Retrieved 2009-01-16.
  3. ↑ "Avid Corporate Background". Avid Technology. Archived from the original on 30 December 2008. Retrieved 2009-01-16.
  4. ↑ "Avid unveils the all-new Media Composer 2019". APB+ News. 2019-06-19. Retrieved 2020-05-12.
  5. ↑ Russell Evans, Practical DV Filmmaking, Focal Press, 2005 ISBN 0-240-80738-3, ISBN 978-0-240-80738-6 page 13
  6. ↑ "Ron Senkowski". IMDb.
  7. ↑ Kennedy, Ashley (10 December 2011). "Fun Facts and Dates in Digital Editing 'Firsts'". Retrieved 27 April 2017.
  8. ↑ Scott Kirsner, Inventing the Movies: Hollywood's Epic Battle Between Innovation and the Status Quo, from Thomas Edison to Steve Jobs (2008) Publisher Scott Kirsner, ISBN 1-4382-0999-1, ISBN 978-1-4382-0999-9 page 84-85
  9. ↑ "Avid Technology Announces Revaluation of Acquisition Charges".
  10. ↑ "Avid Technology Announces Appointment of Jeff Rosica as Chief Executive Officer and Termination of Louis Hernandez, Jr". Avid. 26 February 2018. Retrieved 19 October 2019.
  11. ↑ Vinn, Milana (2023-05-24). "Exclusive: Media editing software vendor Avid explores sale -sources". Reuters. Retrieved 2023-06-30.
  12. ↑ "Avid Technology Enters into Definitive Agreement to Be Acquired by an Affiliate of STG for $1.4 Billion". GlobeNewswire News Room. 2023-08-09. Retrieved 2023-08-09.
  13. ↑ Giardina, Carolyn (November 7, 2023). "Private Equity Firm STG Completes Acquisition of Avid for $1.4B". The Hollywood Reporter.
  14. ↑ Steve Hall Charged With Ensuring Reliable, Consistent IT Service Archived 2013-01-31 at the Wayback Machine
  15. ↑ Curiosity Expert: William J. Warner
  16. ↑ "Oscars Awards Database". Archived from the original on 2014-05-25. Retrieved 2014-05-25.
  17. ↑ "Lucasfilm: Inside Lucasfilm | Company History". 2012-06-28. Archived from the original on 2012-06-28. Retrieved 2022-06-23.
  18. ↑ "Avid Acquires 3D Software Company Motion Factory". Animation World Network. Retrieved 2019-12-17.
  19. ↑ "Digidelivery – The demise of a great product". Ceri Thomas. 24 February 2010. Retrieved 2019-12-17.
  20. ↑ "Digidesign buy Wizoo". www.soundonsound.com. Retrieved 2019-12-17.
  21. ↑ September 23, Alex Udell; Pm, 2009 at 6:06 (2009-09-08). "More transitions – Avid acquired Max-T". fxguide. Retrieved 2019-12-17.{{cite web}}: CS1 maint: numeric names: authors list (link)
  22. ↑ "Avid Acquires Rocket Network's Assets". Mixonline. 2003-04-10. Retrieved 2020-05-14.
  23. ↑ "Avid Completes Acquisition of Orad Hi-Tec Systems". www.avid.com. Retrieved 2019-12-17.
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