Avid Technology, Inc. (NasdaqGS:AVID) is exploring a potential sale, according to people familiar with the matter. Avid Technology is working with The Goldman Sachs Group, Inc. (NYSE:GS) on the sale process and has asked for binding offers from interested parties, the sources said. Avid's shares jumped 18% on the news to $24.35 in May 24, 2023 afternoon trading, giving the company a market value of about $1 billion.

The sources cautioned that no deal is certain and asked not to be identified because the matter is confidential. Spokespeople for Avid and Goldman Sachs declined to comment.