TEWKSBURY, MA - Avid Technology, Inc. (NASDAQ: AVID) today announced that it has acquired Sundance Digital, Inc. for approximately $12 million in cash. Sundance - which is based in the Dallas, TX area - is a leading developer of automation and device control software for broadcast video servers, tape transports, graphics systems and other broadcast station equipment. The acquisition further widens Avid's worldwide leadership position as the provider of choice among broadcasters for digital systems to produce, manage, control, and play back television programming.
"For more than a decade, Sundance Digital has been committed to developing leading-edge technologies that automate and control a broad range of playout devices, enabling broadcasters to operate more efficiently and deliver a higher degree of error-free transmissions," said Chas Smith, vice president and general manager of Avid's Video division. "Sundance has built a successful business with a family of open solutions that interoperate with major traffic and production systems from many companies. We plan to maintain this distinct advantage while also exploring opportunities to extend the powerful automation capabilities that Sundance already provides for our own transmission products. With Sundance systems in our portfolio, Avid will offer more open and streamlined broadcast production workflows across the entire spectrum of media acquisition, production, and transmission."
Robert C. Johnson, president of Sundance Digital, said, "Sundance and Avid share a common vision: to help broadcasters transition into the world of all-digital production. Our award-winning systems - currently in use by many Avid clients - are the perfect complement to Avid's news creation tools. Now, broadcasters searching for the most seamless production and automation workflows will be able to rely on a single vendor. With Sundance systems in its mix, Avid will offer more comprehensive automation control over the entire media production process and further empower broadcasters to run their operations with greater precision and agility."
As a leader in the television automation industry, Sundance Digital has been providing cost-effective, high-performance solutions to public and commercial broadcasters since 1994. The company's products, which offer powerful, easy-to-use software to manage broadcast master control operations, include Titan ™, FastBreak NXT Automation™ and FastBreak NXT XPress™, Intelli-Sat™, Digital Delivery Management System (DDMS), NewsLink, and Sundance Seeker™. Sundance automation systems already integrate smoothly with a range of Avid broadcast solutions, including MediaStream™, Avid® iNEWS®, Deko®, DekoCast™, Thunder®, and AirSpeed®.
For additional information about Sundance products, please visit www.SundanceDigital.com.
About Sundance Digital Inc.
Sundance Digital is an award-winning provider of high-performance television automation solutions. Sundance Digital has a strong commitment to technology, deep roots in all aspects of television, and is highly customer focused. Technical support is available "live" on a 24x7 basis from a team of highly skilled, broadcast-trained engineers. Additional information about Sundance products is available at www.SundanceDigital.com
About Avid Technology, Inc.
Avid Technology, Inc. is the world leader in digital nonlinear media creation, management, and distribution solutions, enabling film, video, audio, animation, games, and broadcast professionals to work more efficiently, productively, and creatively. For more information about the company's Oscar®, Grammy®, and Emmy® award-winning products and services, please visit: www.avid.com
© 2006 Avid Technology, Inc. All rights reserved. Product features, specifications, system requirements, and availability are subject to change without notice. Avid, Digidesign, Film Composer, Pro Tools, MediaStream, iNEWS, Deko, DekoCast, Thunder, and AirSpeed are either registered trademarks or trademarks of Avid Technology, Inc.and/or its subsidiaries in the United States and/or other countries. Titan, FastBreak NXT Automation, FastBreak NXT Automation Xpress, Intelli-Sat, and Sundance Seeker are trademarks of Sundance Digital, Inc. in the United States and/or other countries. Avid received an Oscar statuette representing the 1998 Scientific and Technical Award for the concept, design, and engineering of the Avid Film Composer® system for motion picture editing. Digidesign, Avid's audio division, received an Oscar statuette representing the 2003 Scientific and Technical Award for the design, development, and implementation of its Pro Tools® digital audio workstation. Oscar is a trademark and service mark of the Academy of Motion Picture Arts and Sciences. Emmy is a registered trademark of ATAS/NATAS. Grammy is a trademark of the National Academy of Recording Arts and Sciences, Inc. All other trademarks contained herein are the property of their respective owners.
Technology M&A Practice (Formerly Pagemill Partners) was exclusive advisor to Sundance Digital in this transaction.