Avid Technology, the non-linear editing software company, is being sold to private equity firm Symphony Technology Group (STG) for $1.4 billion – a 3.2x premium on Avid’s year-to-date revenue of $428.2 million. Rumors have been circulating since May this year of a possible sale of the editing giant to private equity, and the transaction is expected to close in Q4 this year. Confirmation of the purchase coincided with Avid’s second quarter 2023 earnings release. Revenue increased 11.1% year on year to $108.5 million, of which subscription revenue accounted for $44.4 million, up 30.2% thanks to a net increase of 17,700 active paid software subscriptions in the quarter. Avid ended Q2 with approximately 544,400 total subscriptions to paid cloud-enabled software. As…