Premier Farnell pl Acquires the business and assets of AVID Technologies Inc
Premier Farnell plc is pleased to announce that it has entered into an agreement to acquire the business and assets of AVID Technologies Inc. (AVID), subject to certain conditions, for a cash consideration of $13 million, payable on completion. Based in Twinsburg, Ohio, AVID is a privately owned engineering design services company that has expertise in a wide range of technologies, Revenue in the year ended 31 December 2013 was $8.5 million.
The acquisition is a key step in Premier Farnell's strategic evolution and provides its customers with a wealth of new services and solutions. With the industrial control space a major focus for Premier Farnell, AVID's expertise enables the company to offer unique design services, tools and turnkey solutions in the fast growing wireless, power management & FPGA technologies at the early stage of the electronic design cycle. Market segments served by AVID include industrial controls and automation, defense, aerospace, medical, automotive and wireless communications.
Premier Farnell CEO Laurence Bain said, "I am delighted to welcome AVID Technologies to the Premier Farnell group. This acquisition illustrates perfectly how we are evolving our global strategy to establish partnerships with customers at the earliest stage of their designs."
"Our company's legacy and ongoing commitment to quality, integrity and unique services has secured and grown a loyal customer base," said Avid President Richard Benson. "We're excited about becoming part of the Premier Farnell family and to contribute our expertise to its customer-centric and multichannel business model."