AV technology company Avid says it has entered into a definitive agreement to acquire Israel’s Orad Hi-Tec Systems Ltd. for an estimated $60 million.
Orad provides 3D real-time graphics, video servers and related asset management solutions. Avid says that the acquisition is consistent with its stated growth strategy and Avid believes it will continue to deliver on the company’s future plans for Avid Everywhere, by adding key content creation and media management solutions to the Avid MediaCentral Platform.
Avid said it will fund the purchase price with a $100 million secured term loan, for which it has already received a financing commitment.
