Avid Technology Captures Nearly 20 Percent Stake in Rocket Network.Business/Technology Editors TEWKSBURY, Mass.--(BUSINESS WIRE)--March 15, 2000 Avid President Joins Rocket Board; Pioneering Partnership to Develop Internet-based Audio Studios Enabling Worldwide Collaboration Avid Technology "Avid" redirects here. For the "Advancement Via Individual Determination" educational program, see AVID. Avid Technology, Inc NASDAQ: AVID is an American company specializing in video and audio production technology; specifically, digital non-linear media editing (NLE) , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AVID) today announced it has taken a 19.7 percent equity position in Rocket Network and that Avid President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. David Krall will join the Rocket Board of Directors. As part of the agreement, Avid's audio division Digidesign and Rocket will develop technologies and services that will enable Pro Tools(R) users to collaborate online through Digidesign Internet recording studios. "This significant partnership with Rocket further solidifies Avid's commitment to leverage the tremendous collaborative power of web-based audio and video creation," said David Krall, Avid president and chief operating officer. "The Internet is enabling unprecedented freedom for creative professionals and Avid intends to be at the forefront of this revolution. Rocket is the perfect partner to work with our talented team at Digidesign to connect audio pros around the world in an online collaborative environment." Rocket Network, Inc. is the first and only company to provide Internet Recording Studios where audio professionals can meet online to collaborate and produce original audio from anywhere in the world. The company's revolutionary technology provides a cost-effective and convenient complement to traditional studios by reducing production expenses and increasing creative alternatives for professional-quality audio in TV, film, radio, music and web sites. Digidesign's Internet studios will be based on an enhanced version of Rocket Network's technology, and will enable Pro Tools users to enjoy the industry's richest collaboration experience. "Our pairing with Rocket will ensure that Digidesign customers have access to the world's best tools and technology for high-quality collaboration with other Pro Tools users - anywhere, anytime," said David Froker, general manager of Digidesign. "Imagine the creative power and economic efficiency of musicians, engineers and producers from around the world gathering online." Avid believes the Internet has the potential to fundamentally shift the way media professionals work. The company's evolving strategy will extend its business of providing industry-leading client tools for video and audio creation and production into networked production products and services that exploit the opportunities created by the Internet. Avid and Digidesign, with their large video and audio customer bases, are uniquely positioned to lead these changes. "We're delighted to be able to work with Digidesign to offer its large community of high-profile audio professionals world-class Internet tools and technology," said Pam Miller Pam Miller served as the mayor of Lexington, Kentucky from 1993-2003. She served as vice-mayor before becoming mayor after the resignation of Scotty Baesler, who was elected to the United States Congress in 1992. , president and chief executive officer of Rocket Network. "Together, Rocket and Digidesign are committed to delivering the ultimate web-based collaboration experience, today and in the future." Rocket's largest shareholder is Vulcan Ventures, Microsoft co-founder Paul G. Allen's investment entity. The investment round that Avid participated in was led by Weston Presidio Capital and included Chase Capital Partners and Vulcan Ventures. Pro Tools is the world's leading digital audio workstation A digital audio workstation (DAW) is a system designed to record, edit and play back digital audio. A key feature of DAWs is the ability to freely manipulate recorded sounds, much like a word processor manipulates typed words. platform, providing an intuitive and comprehensive suite of tools for recording, MIDI sequencing, editing, mixing, and mastering. Award-winning Pro Tools TDM (Time Division Multiplexing) A technology that transmits multiple signals simultaneously over a single transmission path. Each lower-speed signal is time sliced into one high-speed transmission. hardware-based systems, such as Pro Tools|24 MIX, are used by professionals in many sectors of the music and film/video postproduction industries. In addition, the host-based version of Pro Tools (Pro Tools LE), powers Digidesign's popular home studio product Digi 001. About Avid Avid Technology, Inc. is an international, industry-leading provider of digital audio and video tools for information and entertainment applications. The company's products are used by a variety of customers worldwide including film, television and interactive and Internet content producers, corporate communicators and TV news broadcasters. For more information, visit Avid's Web site at www.avid.com. About Digidesign Digidesign, a division of Avid Technology, Inc. (NASDAQ: AVID), is the leading digital audio production software and systems manufacturer worldwide and exclusive distributor of the Focusrite hardware and software product lines Software Product Lines, or software product line development, refers to engineering methods, tools and techniques for creating a collection of similar software systems from a shared set of software assets using a common means of production. in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Digidesign's products provide the professional music, film, video, multimedia, and radio broadcast industries with CD-quality digital recording, MIDI sequencing, random access editing, advanced signal processing See DSP. and digital audio mixing Audio mixing is used for sound recording, audio editing, and sound systems to balance the relative volume, frequency, and dynamical content of a number of sound sources. Typically, these sound sources are the different musical instruments in a band or vocalists, the sections of an applications. Digidesign products are marketed in over 30 countries worldwide, through a distribution network of value-added dealers, distributors, and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and relationships. About Rocket Network Rocket Network is a business-to-business company enabling Internet media collaboration. Rocket Network has established the standard for Internet collaboration, providing tools and services enabling it's customers to offer Internet studios, where users can collaborate and produce original audio, live online from anywhere in the world, with access to a global talent pool. The Company's revolutionary network provides a more cost-effective and efficient way to create professional-quality soundtracks for TV, film, radio, CDs and Web sites. About Vulcan Ventures Inc. Vulcan Ventures Inc. of Bellevue, Washington Bellevue is a rapidly growing city in King County, Washington, U.S., across Lake Washington from Seattle. Long known as a suburb or satellite city of Seattle,[1] it is now categorized as an edge city or a boomburb. was founded by Paul G. Allen in 1986 to research and implement his investments. Through Vulcan Ventures, Allen invests in companies which offer products, services or technologies that fit his Wired World strategy and can contribute to or benefit from the technology and strategy of other companies within the group's extensive investment portfolio. In addition, the group owns Charter Communications Charter Communications NASDAQ: CHTR is an American company providing cable television, high-speed Internet, and telephone services to more than 5.7 million customers in 29 states. It is the third-largest publicly traded cable operator in the U.S. , the fourth largest cable operating company operating company A business that engages in transactions with outsiders. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with more than 6 million subscribers. Recent investments include those in innovative content (e.g. Oxygen Media, ZDTV ZDTV Ziff Davis Television ), Internet and e-commerce (e.g. Drugstore.com, eGreetings, Go2Net, Mercata, Priceline.com, Stamps.com), telecommunications (e.g. Allegiance Telecom, High Speed Access, InterNAP, NorthPoint Communications NorthPoint Communications (Former NASDAQ: NPNT) was a CLEC (Competitive Local Exchange Carrier), focused on data transmission rather than voice. Its business plan involved leasing copper telephone lines from local phone companies, then selling them at wholesale prices to ) and consumer device and service companies (e.g. Replay Networks, TiVo, and Wink Communications). William D. Savoy is president of Vulcan Ventures and represents Allen in his professional and personal financial transactions as well as manages the Vulcan investment analysts who investigate and secure investment opportunities. Allen remains chairman of Vulcan. For more information on Vulcan visit www.paulallen.com. (c)2000 Avid Technology, Inc. All rights reserved. Product Specifications are subject to change without notice. Avid, Digidesign and Pro Tools are registered trademarks of Avid Technology, Inc. All other trademarks contained herein are properties of their respective owners. |
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