NAB 2015: Avid is to acquire graphics, servers and asset management firm Orad Hi-Tec Systems.
Avid said the purchase of the Israel-headquartered company would add key content creation and media management solutions to its Avid MediaCentral Platform.
Avid will pay €5.67 per share for Orad, valuing the company at approximately £48m. The deal is expected to close in June.
Avid chief executive Louis Hernandez said: “Our industry is in a period of significant transition, in which our customers are demanding a single platform to connect creation with collaboration, asset protection, distribution and monetisation.
“We believe this transaction further differentiates Avid as the partner with the most comprehensive solution, and accelerates our momentum as we enable our customers to operate more efficiently and profitably.”
Orad provides real-time 3D broadcast graphics, video server and media asset management systems for news, channel branding, sports production and enhancement, elections and special events, virtual studios and virtual advertisement.
The company was founded in 1993.
Orad chief executive Avi Sharir added: “Avid has a long-standing heritage of industry leadership, and it’s clear that both Avid and Orad have a common commitment to innovation and customer success.
“Our solutions are highly complementary to the Avid product suite, and together we believe we can create the most comprehensive solution for the media industry.
“Further, Avid’s global scale and distribution network provide significant opportunities for customer support, growth and market expansion. We are confident that joining the Avid family will create more powerful opportunities for our customers, partners, and employees.”