By Chris Wack

Avid Technology Inc. shares rose 10% to $6.95 after the company said it has renewed its cloud collaboration with Microsoft.

The media and entertainment technology provider said over the course of the new five-year strategic alliance agreement, it will continue to develop and deploy its cloud-based solutions on Microsoft Azure.

Avid said that since the onset of the Covid-19 pandemic, it and Microsoft also have mobilized rapidly to aid numerous Avid clients urgently needing to transition their production personnel to working remotely from their homes in order to keep entertainment and news content pipelines flowing.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 05, 2020 07:12 ET (11:12 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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