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Avid buys Orad Hi-Tec Systems

Avid buys Orad Hi-Tec Systems
Jon Creamer
23 June 2015

Avid has completed its acquisition of Orad Hi-Tec Systems, a provider of 3D real-time graphics, video servers, and related workflow management solutions and will move to tightly integrate Orad products into its own Avid MediaCentral Platform.

Avid says that the Orad product lines will be  “highly complementary” to the Avid MediaCentral Platform, and will allow media organizations on the Avid MediaCentral Platform to “reduce the burden of piecing together disparate fragmented workflows in their production environments, resulting in less complexity, fewer interoperability challenges, and greater efficiency and productivity.”

Louis Hernandez, Jr., Chairman, President, and CEO of Avid, said: “Many of Avid’s and Orad’s solutions are already well integrated and widely used together by the world’s top media organizations, and we are working aggressively to bring all of Orad’s product lines into the Avid MediaCentral platform quickly.”

Under the terms of the deal, Avid paid €5.67 in cash for each share of Orad common stock (approximately $65 million USD).

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