NEW YORK, Aug 3 (Reuters) – Symphony Technology Group (STG) and Francisco Partners are among the many non-public fairness companies competing to accumulate media modifying software program maker Avid Technology Inc (AVID.O), based on individuals conversant in the matter.

Avid began exploring choices, together with a sale, with the assistance of funding financial institution Goldman Sachs Group (GS.N) earlier this yr, Reuters reported in May.

A deal could possibly be inked as early as this month, the sources stated, requesting anonymity as these discussions are confidential. Avid is scheduled to report quarterly earnings on Aug. 9.

Burlington, Massachusetts-based Avid’s shares had been buying and selling at $22.96 on Thursday, giving the corporate a market capitalization of about $1 billion.

Avid, Goldman and Francisco Partners declined to remark. STG has not responded to a request searching for remark.

Palo Alto-based STG is a mid-market non-public fairness agency targeted on expertise investments. Earlier this yr, STG struck a deal to take Momentive Global Inc, the mother or father firm of SurveyMonkey, non-public in a $1.5 billion deal.

Francisco Partners is a prolific tech investor, which has raised over $45 billion to this point. Earlier this week, Francisco Partners teamed up with TPG Inc (TPG.O) to accumulate New Relic (NEWR.N) for $6.5 billion.

Founded in 1987, Avid offers modifying software program and {hardware} primarily to leisure industries. Its merchandise, which have been used within the manufacturing of blockbuster films equivalent to “Top Gun: Maverick” and “Avatar: The Way of Water”, embrace Media Composer, MediaCentral and AirSpeed.

An activist hedge fund and Avid’s largest shareholder, Impactive Capital LP, has illustration on the corporate’s board after slicing a cope with the corporate in 2019.

Reporting by Milana Vinn and Anirban Sen in New York; Editing by Sharon Singleton

Our Standards: The Thomson Reuters Trust Principles.