Edward Chang of Pledge Capital presented his in-depth investment thesis on Avid Technology (US: AVID) at Best Ideas 2020.

Thesis summary:

Avid Technology is the leading supplier of video and audio editing software, storage, and audio mixing equipment to the professional film, television (scripted, sports, and live news), and music industry. The company has made major strides to improve its software tools. This includes the commercialization of cloud-based solutions that will bring about major changes to media workflows – enabling the creation of next-generation content. These powerful cloud-based editing tools are available under a Software-as-a-Service and Infrastructure-as-a-Service model. Enterprise adoption is at a “tipping point” and the new model will greatly democratize access to these editing tools. As a result, the company should gain share outside its traditional Hollywood and music markets. This should help it sustain low to mid-teens paid-user growth for its software.

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About the instructor:

Edward Chang is the founder and Portfolio Manager at Pledge Capital. He is a graduate of New York University Leonard N. Stern School of Business with a Bachelor’s degree in Finance & Accounting. He also completed a Master’s degree in accounting during the same time. Before founding Pledge Capital in 2016, he worked on the sell side at UBS Equity Research covering consumer retail companies. He had previous work experience covering a wide breath of companies on the buy-side as well. He is also a CPA.