Avid Technology Becomes a Privately Held Company Following Acquisition by Investment Firm

Following rumors that Avid was exploring sale options, the news that the company entered a definitive agreement to be acquired by an affiliate of the Symphony Technology Group (STG), a private equity firm based in Menlo Park, CA, was not exactly a surprise. Avid will become a privately held company upon completion of the $1.4 Billion transaction and will exit the NASDAQ. In general, this is great news for stockholders, bound to receive $27.05 per share in cash.

Universal Audio, a leading name in audio and music production products, announced the hiring of Sandeep Gupta as Chief Operating Officer. Gupta brings 30 years of tech industry expertise in music and video entertainment and, in this role, will oversee all aspects of UA's rapidly growing business, including its engineering, product, financial, sales, and marketing efforts.