Burlington Technology Company Purchased In $1.4 Billion Deal

BURLINGTON, MA — Burlington-based Avid Technologies, a media editing software maker, has been acquired by STG in an all-cash transaction for about $1.4 billion. Avid stockholders approved the move Nov. 2, according to a statement from the company.

Under the terms of the merger, Avid stockholders will receive $27.05 per share. Avid common stock will no longer be listed on the Nasdaq Stock Market, and Avid will operate as a privately held company.

Avid, located at 75 Blue Sky Drive, will remain headquartered in Burlington. The deal is expected to close in the fourth quarter.

Avid provides editing software and hardware products that have been used in the production of big-budget movies like "Top Gun: Maverick" and "Avatar: The Way of Water," Reuters reported.

STG is a Palo-Alto, CA-based private equity firm focused on technology investments. The company has about $10 billion invested in more than 50 technology companies, according to Reuters.

“By becoming a private company, we believe Avid will be able to achieve the speed of innovation, scale and performance required for us to continue leading the industry forward,” Jeff Rosica, Avid’s chief executive officer and president, said in a statement. “Combined with their significant operational and financial resources, STG brings deep investment experience in the technology sector that will accelerate the achievement of Avid’s strategic vision, building on the momentum of our successful ongoing transformation achieved over the past several years.”

Correction: An earlier version of this story included an incorrect address for the company's headquarters.