AVIC/TEK news...........
Avid and Tektronix Finalize Joint Venture Agreement with Incorporation of Avstar Systems; Company Names CEO and President of New Newsroom Computer Company
TEWKSBURY, Mass. and BEAVERTON, Ore.--(BUSINESS WIRE)--Jan. 28, 1999--Avid(R) Technology, Inc. (NASDAQ:AVID) and Tektronix(R), Inc. (NYSE:TEK) today announced that Avstar Systems LLC (Limited Liability Corporation), a 50/50 owned and funded newsroom computer joint venture, formally incorporated on January 27th, 1999, will begin operations in February. Matthew Danilowicz, formerly vice president of marketing for Avid's Broadcast News Division, will lead the new company as Avstar System's CEO and president. Originally announced in September of 1998 as part of a broad corporate alliance between Avid and Tektronix, Avstar Systems is dedicated to providing the next generation of digital news production products by combining both companies' newsroom computer systems technology and personnel.
With more than 90 employees worldwide, headquarters in Madison, Wis. and an office in London, England, Avstar Systems is a corporate entity separate from Avid and Tektronix; however, executives from both Avid and Tektronix will serve as board members. All Avstar Systems products subsequent to the release of AvidNews Newsroom Computer System (NRCS) 1.2 will be available exclusively through Tektronix' worldwide sales channels.
The mission of Avstar Systems will be to support both the AvidNews(TM) NRCS and Tektronix NewStar(R) installed base of customers by offering a smooth migration path for existing customers to make the transition to the next generation of Avstar Systems products.
"The formation of Avstar Systems is one of the most important steps in the technology alliance between Avid and Tektronix," said Matthew Danilowicz, CEO and president, Avstar Systems. "This new joint venture offers both companies a mutual stake in creating world-class, interoperable products for broadcast customers and is a visible, ongoing sign of the depth and possibilities offered by the powerful combination of Avid and Tektronix."
"Avstar Systems allows both Avid and Tektronix to accelerate our commitments to the broadcast news industry. By combining our resources, and redirecting each company's resources to our core competencies, all three companies will now be able to offer customers the absolute best-in-class products without compromise and at competitive prices," said Tim Thorsteinson, president, Video and Networking Division, Tektronix.
"We are very excited about the possibilities that Avstar Systems offers to our customers, the industry and to Avid and Tektronix," said Bill Miller, CEO, Avid Technology. "Broadcasters are faced with the challenge of choosing a digital news production solution that is both powerful and open. Avid, Tektronix and Avstar Systems in turn can offer scalable, standards-based solutions and will work with the systems broadcasters have today and the ones they may have tomorrow."
Avstar Systems will work to combine the scalability and browse video features of Avid's newsroom computer systems (AvidNews Newsroom Computer System (NRCS), AvidNews Media Browse and the AvidNews Broadcast Control System) and the on-air production and machine control features of Tektronix' newsroom computer systems (NewStar and EditStar(R).) This effort will result in a next generation newsroom computer system that will drive the formation of open standards for newsroom computer systems equipment. With the combined newsroom production experience of Avid and Tektronix, the new Avstar Systems products are on track to provide tighter levels of integration with Avid editing and Tektronix server products than ever before achieved in the industry.
Previously announced from Avid and Tektronix was the integration of Avid's NewsCutter(R) DV, the world's premiere digital nonlinear news editor, with the Tektronix Profile(R) video server, the world's leading disk-based, multi-format video storage platform. The two products' tight integration, coupled with jointly developed NewsCutter DV enhancements such as SimulPlay(TM) and SimulEdit(TM), has resulted in an extremely powerful solution that enables customers to easily, and cost effectively, make the transition to digital, nonlinear news production. Other newsroom developments include the introduction of Tektronix' ContentShare(TM) web-based Fibre Channel search and retrieval tools for locating media over wide-area networks. (See "Tektronix Extends Leadership Role in Digital Transition with Comprehensive Rollout of Hardware and Software Solutions," press release, dated January 25, 1999.) These previous announcements coupled with the formation of this new company will result in extremely powerful, comprehensive newsroom solutions.
About Matthew Danilowicz
Matthew Danilowicz will join Avstar Systems as the company's CEO and president. Most recently vice president of marketing for Avid's Broadcast News Division, Danilowicz is a broadcast veteran, with more than 14 years of experience in the newsroom computing industry. Danilowicz joined Avid from NewStar, where he was vice president of sales and marketing for the NewStar newsroom computer system product line. Prior to NewStar, Danilowicz was vice president of sales and marketing at Dynatech/Utah Scientific, where he developed and holds patents for Digistore, one of the first disk-based spot playback systems designed in the United States.
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 content producers, corporate communicators, TV news broadcasters, and consumers. For more information, visit Avid's Web site at www.avid.com.
Tektronix is a portfolio of measurement, color printing and video and networking businesses dedicated to applying technology excellence to customer challenges. Tektronix is headquartered in Wilsonville, Ore., and has operations in 25 countries outside the United States. Founded in 1946, the company had revenues of $2.1 billion in fiscal 1998. For more information, visit the Tektronix World Wide Web site at www.tek.com/VND.
Avid and NewsCutter are registered trademarks and AvidNews, SimulEdit and SimulPlay are trademarks of Avid Technology, Inc., or its subsidiaries or divisions. Tektronix, NewStar, EditStar and Profile are registered trademarks of Tektronix, Inc. and ContentShare is a trademark of Tektronix, Inc. All other trademarks contained herein are the property of their respective owners. |
