Intel buys US$14.75 million stake in Avid

Intel is seeking to speed the migration of Avid Technology's video and audio editing tools to the Intel platform by investing nearly US$15 million in Avid. Avid meanwhile, vows that it will not abandon its MacOS and SGI markets.

Intel has invested nearly US$15 million in Avid Technology, a maker of video and audio editing tools that plans to expand its offerings for Intel architecture computers.

"We're moving into being a multiplatform company," says Christine Mann, Avid's director of corporate communications.

Under the deal, completed yesterday, Intel owns a 6.75% share of Avid, Mann said. Intel bought roughly 1.5 million newly issued shares of Avid stock at $9.50 per share, a $14.75 million investment.

Some of Avid's content creation products already run on the Intel platform, including MCXpress for Windows NT, a mid-range video-editing tool, NewsView, a film and video editing package for journalists, and Elastic Reality, a special effects software package. While the agreement calls for Avid and Intel to work together and bring other products to the Intel platform, Avid will still offer products for MacOS and Silicon Graphics Inc. machines, Mann says.

Avid, with headquarters in Tewksbury, Massachusetts, can be reached at http://www.avid.com/.

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