Avid Closes Acquisition of Wolftech

05/11/2024

Broadcast technology leaders complete acquisition process, joining forces to empower digital-first, story-driven newsroom collaboration

BURLINGTON, Mass., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Avid , the global leader in software solutions for professional media production, today announced it has completed the acquisition of Wolftech Broadcast Solutions, the industry leader in cloud-based multiplatform news planning, production and publishing solutions.

The acquisition enables Avid to combine its digital-first, end-to-end media solution with Wolftechs expertise in story-centric workflow management. News organizations will be able to increase efficiency and accelerate story delivery through enhanced remote collaboration and multiplatform amplification.

Avid CEO Wellford Dillard stated: This is an exciting moment. Wolftech is unquestionably on the leading edge of where the industry is going, and this acquisition demonstrates Avids commitment to transform news, sports, and live production workflows. We are delighted to welcome Wolftech into the Avid family.

Wolftech CEO Arne Berven added: We were focused on finding a partner that could accelerate the adoption of our platform globally. We explored a number of possibilities, but when we talked to Avid, we knew it was the right match.

The closing of the acquisition follows Avid's announcement on October 7 that the company had entered into a definitive agreement to acquire Wolftech.

With this acquisition, Avid deepens the integration between the two toolsets while continuing to embrace an open approach in partnering with a wide range of media production tools and newsroom systems. Existing Wolftech customers will benefit from Avids global scale for customer support and professional services.

Ian Axton, Head of Production Operations for ITV News, said: As a customer of both Avid and Wolftech were excited about the benefits this acquisition will bring to our users and our business. Wolftech has transformed the way our journalists work and collaborate across our multiple newsrooms and platforms. We see deeper integration with Avid MediaCentral as the next logical step in bringing a single pane of glass newsroom solution to life and see this acquisition as a very positive way to accelerate that.

Dillard added: This acquisition strengthens Avids position in the news market and confirms our commitment to deliver best-in-class solutions that empower news organizations to thrive in todays fast-paced digital landscape. Together, Avid and Wolftech will enable news production teams to accelerate storytelling - from pitch to publish.

To learn more about the next-generation rundown - combining Avid's unparalleled live production expertise with Wolftechs unique story-centric approach - visit www.avid.com/avid-x-wolftech.

About Avid Technology

Avid Powers Greater Creators

People who create media for a living become greater creators with Avid's award-winning technology solutions to make, manage and monetize today's most celebrated video and audio content - from iconic movies and binge-worthy TV series, to network news and sports, to recorded music and the live stage. What began more than 30 years ago with our invention of nonlinear digital video editing has led to individual artists, creative teams and organizations everywhere subscribing to our powerful tools and collaborating securely in the cloud. We continue to re-imagine the many ways editors, musicians, producers, journalists, and other content creators will bring their stories to life. Discover the possibilities at avid.com and join the conversation on social media with the multitude of brilliant creative people who choose Avid for a lifetime of success.

About Wolftech

Wolftech provides story-centric workflow management solutions to the largest broadcasters in the world, enhancing collaboration and efficiency in newsgathering & story creation. Our collaborative planning modules focus on streamlining news, sports & entertainment productions. We ensure greater transparency & overview of stories across departments, teams & locations, whilst integrating seamlessly into existing workflows. Leveraging its incorporated booking module empowers clarity over resource availability & costs. Ultimately, Wolftech provides administrative control & creative freedom. For further information or images, visit the Wolftech website at www.wolftech.no.

2024 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, and MediaCentral are trademarks or registered trademarks of Avid Technology, Inc., or its subsidiaries in the United States and/or other countries. Other trademarks are property of their respective owners. Product features, specifications, system requirements and availability are subject to change without notice.

PR Contact:

Neil Beston

Global Communications

Avid

neil.beston@avid.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/effc43ad-5863-4e8b-9561-e0ee182a1e56

Topics: Mergers and Acquisitions Corporate

About Avid Technology, Inc.www.avid.com

Contacts

Avid

Neil Beston Global Communications Lead

neil.beston@avid.com

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