updated 02:52 pm EDT, Mon July 2, 2012
Avid to earn $17M when sales complete later today
Pro Tools maker Avid is selling music technology company M-Audio to inMusic. Avid has agreed to the sale in order to focus on media enterprise and other professional customers, and to improve its operating performance. It is also passing its line of video editing apps to Corel Corporation at the same time as the M-Audio sale.
M-Audio is known for its keyboards, speakers, and interfaces, which are used extensively by Mac-based musicians. Although the sale sees inMusic, parent company of Akai and Alesis, receive most of the hardware catalog from M-Audio, Avid will still continue to develop and sell its Pro Tools software and related hardware, as well as the Mbox and Fast Track interface devices.
The video editing line, consisting of Avid Studio, Pinnacle Studio, and the Avid Studio App for the iPad, form the bulk of the Corel acquisition, which also includes other legacy video capture products.
Avid estimates to receive around $17 million when both transactions close later today.