To increase its reach and accelerate growth across the region, the Company appoints Digital Media Technology Co. Ltd. and New Digital Technology Holdings Ltd. as exclusive master distributors for the Professional Audio & Video and Broadcast & Media segments respectively
Avid (Nasdaq: AVID) announced today new commercial alliances in Greater China that have been established to improve market coverage and better support the various customers and resellers across the region, building a stronger foundation to execute the Company's go-to-market strategy and growth plans in this strategically important market. Specifically, Avid has appointed two commercial partners as the new exclusive distributors to cover Greater China overall, each of which has extensive experience and unique strengths to best serve the market. In combination, they will have exclusive responsibility for distributing and supporting Avid's extensive portfolio of products and services across all market segments in mainland China, Hong Kong, Macau and Taiwan, while managing the extensive channel partner network of more than 35 certified Avid resellers across these geographies.
Digital Media Technology Co. Ltd. (DMT) is now the exclusive (master) distributor for all Avid Pro Audio and Live Sound products, as well as Avid Video and Graphics products for the specific Professional Video & Film market segments in Greater China with immediate effect. Headquartered in Hong Kong, and a highly experienced and large reseller of Avid professional audio and video solutions for over 20 years, DMT offers technologically advanced solutions to its customers and partners with the highest level of support across all disciplines-from pre-sales consulting, through installation and commissioning, to after sales support.
New Digital Technology Holdings Ltd. (NDT) is now the exclusive (master) distributor for all Avid Video and Graphics products covering all Broadcast & Media market segments in Greater China with immediate effect. As a very experienced and accomplished Avid reseller and systems integrator covering the Broadcast & Media market for almost two decades, and which is also based in Hong Kong, NDT is a renowned distributor and systems solution provider in the fields of broadcasting and media technology in the Greater China region and Southeast Asia.
These new five-year agreements with Digital Media Technology Co. Ltd. (DMT) and New Digital Technology Holdings Ltd. (NDT) will not only help ensure a stronger focus on the unique requirements across Avid's diverse customer and reseller base in the region, but are expected to dramatically improve upon the Company's execution and performance against the market opportunity. Under both agreements, and during the full five-year period, contractual guarantees to Avid with minimum performance commitments deliver a minimum of 6-10% growth per annum during the period of 2018 through 2022.
With these appointments, Avid is also announcing that its former go-to-market alliance and exclusive distributor agreement with Beijing Jetsen Technology Co. Ltd. (Jetsen) was terminated at the end of December 2017. Jetsen did not complete the purchase of Avid shares as anticipated under the previously announced securities purchase agreement dated January 26, 2017, and the agreement has expired in accordance with its terms.
Greater China's media and entertainment industry is a robust market with solid growth potential. Avid is developing and shipping new products and solutions at a faster pace than ever before to help our broadcast, film, music and live sound customers across this region to participate in this opportunity by excelling in digital content creation, management and delivery, said Louis Hernandez, Jr., Chairman and Chief Executive Officer, Avid. By appointing these trusted, experienced and specialized market leaders DMT and NDT, Avid is today going even further to attend to the unique needs of all of our customers and partners in the region so that they will be served and supported to best meet their needs. Looking forward together, we're in the best possible position to empower our reseller network and clients across the region to fully capitalize on the opportunities from the digitization of their businesses.
Clement Choi, Managing Director, Digital Media Technology Co. Ltd., commented, We are incredibly proud and honored to be entering into this new phase of our relationship with Avid. Content creators in Greater China are becoming increasingly influential, not only in local markets, but globally and this is presenting new and exciting opportunities both in established markets and in new cutting-edge disciplines. This partnership with Avid, and the extensive range of innovative products they offer, puts us in a unique position to be able to pursue and engage with our clients at a whole new level.
Daniel C.K. Fung, Chairman and CEO of NDT Group, commented, We want our customers in the Greater China region to have the most open and effective media platform addressing the modern needs of content creation, asset protection, distribution and consumption. Avid offers leading solutions for the evolving media and broadcast industry. NDT is really excited about this partnership and will pledge to become a well-rounded technology enabler for our clients to deliver services for everyone to experience the advancement of media and entertainment technology.
The agreements with DMT and NDT enable Avid to deliver on its commitment to providing its client community the most flexible deployment models, licensing options and commercial structures with future cloud and enterprise offerings for the region, as well as more localized and tailored solutions to meet the needs of the customers across Greater China. With DMT and NDT together taking responsibility for Avid's overall go
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To increase its reach and accelerate growth across the region, the Company appoints Digital Media Technology Co. Ltd. and New Digital Technology Holdings Ltd. as exclusive master distributors for the Professional Audio & Video and Broadcast & Media segments respectively 
