Markham, Ont.-based Enghouse Systems Ltd. and Sonic Foundry Inc. jointly announced on Thursday that they have entered into a definitive agreement in which Enghouse will acquire the firm’s Mediasite business.
Under the terms of the agreement, Sonic Foundry will sell the assets of its Mediasite business, including its Japanese and Dutch subsidiaries, for US$15.5 million in cash (subject to certain price adjustments).
“Closing of the transaction is subject to approval by Sonic Foundry shareholders and certain customary closing conditions,” a release stated.
“The Sonic Foundry board of directors, executive officers, and a major shareholder (collectively owning approximately 48 per cent of the outstanding common stock) have entered into support agreements with Enghouse, committing to vote in favour of the transaction. It is currently expected that the acquisition will be completed during the first quarter of 2024.”
Enghouse provides vertically focused enterprise software offerings that target contact centres, video communications, healthcare, telecommunications, public safety and the transit markets.
Headquartered in Madison, Wis., Sonic Foundry specializes in developing video recording and streaming offerings for corporations, health organizations and government entities.
