A new Montreal-based company headed by president Mark Pounds has acquired Tektronix’s non-linear editing Lightworks business. In an agreement with Tektronix, the new operation, Lightworks, will service existing Lightworks installations, including units sold before and during Tektronix’s ownership period. Pounds says new products under the Lightworks brand are being developed.

The deal ends months of speculation about the product line’s fate. Lightworks will also have offices in Hollywood and London, Eng. Pounds is the founder of OLE Canada, exclusive distributor of Lightworks in Canada.