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.
Corel’s newly acquired products include the Pinnacle Studio family, Avid Studio, Avid Studio for iPad and the Dazzle video hardware product line including Dazzle Video Creator Platinum HD.
“With the power of the Pinnacle Studio and Corel VideoStudio brands, Corel now offers the industry’s broadest consumer video editing software portfolio,” said Matt DiMaria, Executive Vice President and General Manager of Digital Media at Corel. “These products will meet virtually any need or creative impulse – whether customers are looking to quickly capture, edit and share videos on their iPad or require the exceptional control of a full-featured desktop application.”
Avid estimates to receive around $17 million when both transactions close later today.
