NAB 2010: Complete Coverage from B&C
Las Vegas -- Video and audio editing and storage supplier Avid is buying audio mixing specialist Euphonix, which makes large-format broadcast audio consoles as well as media controllers and peripherals aimed at smaller production outlets.
Terms of the definitive agreement, which the companies expect to close by the end of April, were not disclosed. But Avid Chairman and CEO Gary Greenfield suggested the transaction would not be significant enough to be material under SEC disclosure rules, which was also the case with Avid's acquisition of asset management firm Blue Order earlier this year.
Avid, which already enjoys a strong professional audio business with its Pro Tools line, says the deal for Mountain View, Calif.-based Euphonix fills a gap in its products that customers had been asking for. Executives at its NAB press briefing added that Euphonix's "Artists" series, which is aimed more at the "prosumer" market, was also a strong driver for the deal.
With the acquisition, the Tewskbury, Mass.-based company said it will be able to deliver a wide range of audio and video control surfaces and consoles serving customers ranging from independent professionals to high-end broadcast clients. Avid said it will continue to support and sell both Euphonix control surfaces and Avid's existing ICON solution, enabling customers to leverage existing investments.
"The high-end is very complementary to where ICON has been, and we're excited about the Artist series for the entry-level," said Greenfield. "Many customers have asked us for a broadcast console."
Avid said it plans to further develop an open standard protocol that greatly expands compatibility between the Euphonix control surfaces and a wide range of Avid and third-party audio and video applications, including Media Composer and Pro Tools. For existing Euphonix customers, Avid will also continue to support EuCon, the Euphonix high-speed Ethernet protocol that enables its control surfaces to interface with third-party software.
"We are all very excited about the possibilities of being a huge member of Avid's family," said Euphonix CEO Martin Kloiber. "This announcement shows further commitment of Avid to this industry, and Avid and Euphonix together will be the ones to promote the open architecture of the future."
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