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Avid Announces New Chief Financial Officer

  Avid Announces New Chief Financial Officer

       Established Technology Executive John Frederick Assumes New Role

Business Wire

BURLINGTON, Mass. -- April 22, 2013

Avid® (NASDAQ: AVID) today announced that John Frederick will become Avid’s
executive vice president, chief financial officer and chief administrative
officer, effective immediately. Before joining Avid as chief of staff in
February 2013, Mr. Frederick was corporate executive vice president and chief
financial officer of Open Solutions, Inc., a technology provider to financial
institutions worldwide, which was acquired in January 2013 by Fiserv, Inc. Ken
Sexton will transition from his role as executive vice president, chief
financial officer and chief administrative officer to become a consultant with
the company.

Earlier in his career, Mr. Frederick served as senior vice president and CFO
of SafeNet, Inc., a global encryption security company. Additionally, he held
a variety of senior financial, business planning, and analysis roles at
organizations including AlliedSignal, now Honeywell, Time Warner - Six Flags,
Sunbeam Corporation, and Legrand North America.

“John is a seasoned financial executive with extensive experience directing
the strategic performance of high-growth technology companies,” said Louis
Hernandez, Jr., president and chief executive officer of Avid. “I previously
worked with John at Open Solutions, and John’s leadership and financial acumen
were instrumental in our successful sale to Fiserv. I am thrilled to have him
be part of the team at Avid, as we take the company into its next phase of
growth.”

Mr. Hernandez added, “On behalf of the Avid community, I also would like to
thank Ken Sexton for his guidance, leadership, and years of service to Avid.
We are fortunate to be able to retain him in a consulting capacity, and to
insure a smooth transition of his responsibilities.”

Forward Looking Statements

Statements made in this release that express Avid's or its management's
intentions, indications, beliefs, expectations, guidance, estimates, forecasts
or predictions of the future constitute forward-looking statements, as defined
by the Private Securities Litigation Reform Act of 1995, and relate to matters
that are not historical facts. They include, without limitation, statements
relating to Avid’s growth. These forward-looking statements are based on
current expectations as of the date of this filing and subject to known and
unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements, including but
not limited to: the Company's ability to regain compliance with NASDAQ's
continued listing requirements; whether NASDAQ will accept the Company's plan
of compliance and grant an extension; the impact of the delay in Avid's
completion of its financial statements and the filing of its Annual Report on
Form10-K; the impact of the ongoing evaluation of accounting treatment on
financial results for 2012 and prior periods; the material weakness in Avid's
internal control; changes in Avid's leadership team; Avid's ability to execute
its strategic plan and meet customer needs; its ability to produce innovative
products in response to changing market demand, particularly in the media
industry; risks related to litigation; competitive factors; history of losses;
fluctuations in its revenue, based on, among other things, Avid's performance
in particular geographies or markets, fluctuations in foreign currency
exchange rates, and seasonal factors; adverse changes in economic conditions;
and Avid's liquidity. Moreover, the business may be adversely affected by
future legislative, regulatory, or tax changes as well as other economic,
business and/or competitive factors. The risks included above are not
exhaustive. Other factors that could adversely affect Avid's business and
prospects are described in the filings made by the Company with the SEC. Avid
expressly disclaims any obligation or undertaking to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.

About Avid

Avid creates the digital audio and video technology used to make the most
listened to, most watched and most loved media in the world – from the most
prestigious and award-winning feature films, music recordings, and television
shows, to live concert tours and news broadcasts. Some of Avid’s most
influential and pioneering solutions include Media Composer®, Pro Tools®,
Interplay®, ISIS®, VENUE, Sibelius® and System 5. For more information about
Avid solutions and services, visit www.avid.com, connect with Avid on
Facebook, Twitter, YouTube, LinkedIn, SoundCloud; or subscribe to Avid Buzz.

© 2013 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Media
Composer, Pro Tools, Interplay, ISIS, and Sibelius are trademarks or
registered trademarks of Avid Technology, Inc. or its subsidiaries in the
United States and/or other countries. The Interplay name is used with the
permission of the Interplay Entertainment Corp. which bears no responsibility
for Avid products. All other trademarks are the property of their respective
owners.

Contact:

Avid
Media:
Lisa Kilborn, 978-640-3230
lisa.kilborn@avid.com
or
Investors:
Tom Fitzsimmons, 978-640-3346
tom.fitzimmons@avid.com
 
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