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TEWKSBURY, MASSACHUSETTS, U.S.A., 1995 MAR 31 (NB) -- In a deal
valued at $45 million, Avid Technology, a major player in digital
video hardware and software, has acquired two software companies:
Elastic Reality, a developer of software for film restoration, and
"morphing" and other special effects, and The Parallax Software
Group, a specialist in paint and compositing technology.
The acquisitions support Avid's "cross-platform strategy," as well
as adding to the high-end and corporate levels of Avid's three-tiered
product line-up, said Bob Sullivan, vice president of business
development and marketing, in an interview with Newsbytes.
Under terms of the two merger agreements, Avid has issued in
aggregate approximately 1.5 million shares of Avid common stock,
according to Sullivan.
Sullivan told Newsbytes that the acquisition of London, England-
based Parallax will allow Avid to provide "within the frame" as
well as "frame-to-frame" digital video editing tools to its high-
end customers, who are involved with professional production and
post-productions on TV shows, commercials, and feature films.
Madison, Wisconsin-based Elastic Reality will add image
manipulation technologies that can be used by these high-end
customers, in addition to corporate users and "independent
multimedia types," who typically work on PCs or Macs, he reported.
Avid's third target market, "broadcast news," consists of national
and local TV news programs, which demand tightly integrated
digital video production systems for the "mission-critical" task of
generating TV news, Sullivan said.
Products from Parallax and Elastic Reality are widely employed
in Hollywood production studios, according to the Avid exec.
Technology from Elastic Reality was used, for example, in
producing both "Forrest Gump" and "Death Becomes Her."
Parallax software operates on Silicon Graphics (SGI) workstations,
and Elastic Reality's products run on Macs and PCs as well as SGI
machines, he told Newsbytes.
Avid's products are also available for SGI, Macs, and PCs, Sullivan
pointed out. "This shows our commitment to multiple platforms," the
(Jacqueline Emigh/19950331/Reader Contact: Avid Technology, 508-
640-6789; Press Contacts: Kara Misenheimer or Scott Higgins, Avid,
508-640-6789; Christa Degnan, Pamela Hamilton, or Deirdre
O'Connell, Schwartz Communications for Avid, 617-431-0770)