Top software company Corel has today announced that it is to acquire consumer video editing product lines from AV production tech specialist Avid.
Industry-leading titles including Pinnacle Studio HD and Avid Studio will now be added to Corel's existing digital media product portfolio in a move envisioned to help secure the Canadian company's position as a market frontrunner.
Matt DiMaria, Executive Vice President and GM of Digital Media at Corel, put forth that the agreement gave his company the broadest portfolio in the consumer video editing software market.
"These products will meet virtually any need or creative impulse – whether consumers are looking to quickly capture, edit and share videos on their iPad or require the exceptional control of a full- featured desktop application," he said.
Financial details of the agreement were not disclosed, though Corel is expected to offer the new products through its global sales, marketing and services organisations.
Part of the deal sees a core employee group from the Pinaccle product team heading to Corel's digital media group, which is also responsible for software like VideoStudio, PaintShop Pro, WinDVD, Roxio and WordPerfect.
"We are delighted to welcome our new employees and look forward to building on the amazing products they've developed. Our combined expertise is unmatched in the industry," Mr DiMaria added.
Corel currently boasts an active user group of over 100 million spread across 75 countries.