Burlington, MA (August 4, 2023)—Since rumors spread in May that Avid Technology was considering putting itself up for sale, the Burlington, Mass.-based developer of video production gear has remained silent on the matter. In the meantime, a new report from Reuters yesterday indicated that the company could be bought by two private equity firms as early as this month.
According to sources, Symphony Technology Group (STG) and Francisco Partners are in the running to acquire the company, which tapped investment bank Goldman Sachs Group to assist with the sale earlier this year. Avid—whose market capitalization hovered about $1 billion this week, will report its latest quarterly earnings on Aug. 9.
Avid, Audiomovers Team for Audio Collaboration Bundle
Based in Silicon Valley, both STG and Francisco partners focus mainly on technology investments. Avid’s biggest shareholders include Impactive Capital LP, BlackRock Inc., Fidelity Investments and Vanguard Group.
Avid declined to comment.
This article originally appeared on TV Technology.
