Pinnacle Systems has agreed to buy German software developer Steinberg for $24 million.

Steinberg makes the audio product Cubase, which was recently bought to Mac OS X. Pinnacle is better known for its family of video applications.

The companies expect to close the transaction in January 2003. The proposed purchase price consists of $8.2 million in cash and $15.8 million of Pinnacle stock. Pinnacle will acquire all products, software and intellectual property rights, along with all other assets and liabilities of Steinberg.