STG Completes Acquisition of Avid Technology

As anticipated in the August 2023 announcement, Avid Technology announced the completion of its acquisition by an affiliate of the Symphony Technology Group (STG), a private equity firm based in Menlo Park, CA, in an all-cash transaction valued at approximately $1.4 billion. The acquisition was approved by Avid stockholders on November 2, 2023. With Avid becoming a privately held company, there's a general positive sentiment among management and employees about the future of the company.