BURLINGTON, Mass.—Avid said it completed the acquisition of Wolftech Broadcast Solutions, a provider of cloud-based, multiplatform news planning, production and publishing solutions. Financial details were not disclosed.
“This is an exciting moment,” Avid CEO Wellford Dillard said. “Wolftech is unquestionably on the leading edge of where the industry is going, and this acquisition demonstrates Avid’s commitment to transform news, sports and live production workflows. We are delighted to welcome Wolftech into the Avid family.”
Closing the deal enables Avid to combine its digital-first, end-to-end media product portfolio with Wolftech’s story-centric workflow management. The combination will benefit news organizations with increased efficiency and accelerated story delivery due to enhanced remote collaboration and the ability to amplify the reach of stories across multiple platforms, Avid said.
“We were focused on finding a partner that could accelerate the adoption of our platform globally,” Wolftech CEO Arne Berven said. “We explored a number of possibilities, but when we talked to Avid, we knew it was the right match.”
Avid disclosed its definitive agreement to acquire Wolftech on Oct. 7. The acquisition will more fully integrate Avid’s tools with those of Wolftech, but Avid said it will continue to maintain an open approach to working with other companies with media production tools and newsroom systems.
Existing Wolftech customers will have access to Avid’s global scale for customer support and professional services, the company said.
“This acquisition strengthens Avid's position in the news market and confirms our commitment to deliver best-in-class solutions that empower news organizations to thrive in today's fast-paced digital landscape,” Dillard said. “Together, Avid and Wolftech will enable news production teams to accelerate storytelling—from pitch to publish.”
More information is available on the Avid website.
