Corel acquired the software assets for an undisclosed amount, and will also hire an undisclosed number of employees from Avid as a part of the transition.
"We are delighted to welcome our new employees and look forward to building on the amazing products they’ve developed. Our combined team’s expertise is unmatched in the industry," stated Matt DiMaria, Corel's executive vice-president and general manager of digital media.
For its part, Avid stated it is looking to focus its business on media enterprise and professional customers and will divest its consumer businesses.
Avid sold its audio product lines to inMusic, a music production company on Rhode Island.
Avid stated the two product lines made up $91 million of Avid's 2011 revenue of $677 million. It expects to raise $17 million from the sales. Avid will also slash 20 per cent of its workforce.
Corel was privatized in January 2010 under Corel Holdings LP, a limited partnership controlled by major shareholder Vector Capital.
In January 2012, it acquired the Roxio line of digital security and media assets from Rovi Corp; financial terms were not released. Corel then laid off an undisclosed number of employees in March as part of a reorganization.