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Avid Technology has entered into a definitive agreement to acquire Midiman Inc., doing business as M-Audio. At closing, Avid will pay approximately $80 million in cash, issue approximately 2 million shares of Avid common stock and assume all outstanding M-Audio stock options. M-Audio will become a business unit of Avid's Digidesign audio division, and M-Audio founder and CEO, Tim Ryan, will continue as general manager.
“With this acquisition,” said Avid's president and CEO, David Krall, “we're bolstering our investment in the home studio market segment.” Digidesign's general manager/Avid VP Dave Lebolt added, “Digidesign will continue to focus in the professional audio space, while M-Audio will further extend its reach to an even wider consumer base.”
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