Corel acquires Avid's consumer video editing portfolio
Michelle Clancy ©RapidTVNews | 03-07-2012
Corel today announced it has acquired Avid's consumer video editing product lines, including Pinnacle Studio HD and Avid Studio, which now has an app for iPad.
"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 GM 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."
Corel will offer the Pinnacle consumer video editing products to customers and partners through its global sales, marketing and services organisations. As part of the transaction, the company will welcome a core group of employees from the Pinnacle product team to its digital media group, which is also responsible for the company's VideoStudio, PaintShop Pro, WinDVD and Roxio product lines.
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.
Financial details of the deal were not disclosed.
"We are delighted to welcome our new employees and look forward to building on the amazing products they've developed," said DiMaria. "Our combined team's expertise is unmatched in the industry. I'm especially excited to introduce our expanded portfolio to customers and partners who will benefit from the breadth of our offering and the innovation it delivers, including advances in mobile as highlighted by the recently released Avid Studio for iPad."