Enghouse Systems Limited completed the acquisition of Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc..
May 08, 2024
Share
Enghouse Systems Limited (TSX:ENGH) entered into an asset purchase agreement to acquire Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc. (OTCPK:SEAC) for $39 million on April 23, 2024. Enghouse Systems Limited will acquire substantially all of SeaChange?s assets related to its product and services business and will assume certain liabilities, for a total purchase price of $39 million. The Enghouse Asset Sale, which has been approved by SeaChange?s Board of Directors (the ?Board?), is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange?s outstanding common stock. Subject to such closing conditions, Closing is expected to occur in early May 2024. The termination fee payable to Enghouse is $1.3 million.
Needham & Company, LLC is acting as exclusive financial advisor to SeaChange in this transaction, and K&L Gates LLP is acting as legal counsel to SeaChange in this transaction.
Enghouse Systems Limited (TSX:ENGH) completed the acquisition of Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc. (OTCPK:SEAC) on May 9, 2024. The total purchase price of $39 million, less SeaChange?s cash and cash equivalents at closing (the ?Closing?), pursuant to a certain asset purchase agreement and software purchase agreement, each dated April 23, 2024 (the ?Enghouse Asset Sale?).
Enghouse Systems Limited provides vertical enterprise software solutions. The Company has two segments: Interactive Management Group (IMG) and Asset Management Group (AMG). The IMG segment specializes in customer interaction software and services. Its products include contact center, video collaboration, video health monitoring, video room systems, interactive voice response, artificial intelligence, outbound dialers, attendant console, agent performance optimization, customer survey, business intelligence and analytics. It also offers video recording, streaming and event enterprise solutions. The segment, through Lifesize, offers video solutions, which enables remote teams to connect with in-person teams. The AMG segment offers a range of products to telecom service providers, utilities, and the oil and gas industry. Its products include network infrastructure and revenue generation solutions. It also offers fleet routing, dispatch, scheduling, transit e-ticketing and others.
Enghouse Systems Limited completed the acquisition of Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc..