Shares of Avid Technology Inc. rose Monday after the Burlington audio and video software company said that it had signed a definitive agreement to buy Orad Hi-Tec Systems Ltd., an Israeli firm that helps broadcasters manage real-time 3-D graphics and video storage, for $60 million in cash. Avid said the transaction will be financed with a $100 million loan. Founded in 1993, Orad, with 240 employees, is listed on the Frankfurt Stock Exchange. Its customers include ESPN, HBO, and Turner.
Burlington’s Avid to acquire Israeli firm
