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Avid pacts with NXN Software

Deal allows co. to increase its offerings

Video editing company Avid Technology is beefing up its asset management capabilities with the acquisition of German software firm NXN Software for approximately $43.6 million in cash.

Deal allows Avid, which currently competes with Apple in the fast-growing digital editing market, to increase its offerings that allow clients to move, track and control video, audio, graphical, and other content while in post-production.

NXN’s software is already used by Hollywood clients including Sony Pictures’ digital effects division Imageworks and vidgame publisher Electronic Arts.

Gregor von Scheidt, founder and CEO of NXN, will stay on as managing director with Avid.

“As we integrate this powerful technology, we look forward to extending our reach in the increasingly important digital asset management market,” Avid president and CEO David Krall said.

Avid stock rose 98¢ Monday to $53.55.