Qumu's Video SaaS Solution For The
Enterprise Market
Expands Enghouse's Video
Offering
MARKHAM, ON and MINNEAPOLIS, Feb. 8,
2023 /PRNewswire/ -- Enghouse Systems Limited
(TSX: ENGH) today announced it has successfully completed its
acquisition of Qumu Corporation (NASDAQ: QUMU).
Under a December 19, 2022
agreement, a wholly owned subsidiary of Enghouse completed a
previously announced tender offer for all the outstanding shares of
Qumu for US$ 0.90 per share in cash,
resulting in a total equity value of approximately US$18.0 million. Subsequently, the Enghouse
subsidiary merged with Qumu, resulting in Qumu becoming a wholly
owned subsidiary of Enghouse.
Qumu will now join Enghouse's Interactive Management Group,
which includes Enghouse Vidyo products. "Qumu's Video Engagement
Platform provides video creation, content management and highly
scalable delivery solutions which complement our enterprise video
suite of products," said Steve
Sadler, Chairman and CEO of Enghouse. "Together, we will
serve a wider spectrum of customer needs in our niche verticals and
compete more effectively in the enterprise video sector. We are
very pleased to welcome Qumu's customers, employees and partners to
Enghouse."
Rose Bentley, Qumu's President
and CEO, said merging Qumu into Enghouse will benefit Qumu's
existing customers and enhance Qumu's Video Engagement Platform.
"We are pleased to have found a smart, strategic buyer for Qumu
that will thoughtfully integrate our business into Enghouse's."
About Enghouse Systems Ltd.
Enghouse Systems Ltd. is a
Canadian publicly traded company (TSX:ENGH) that provides
vertically focused enterprise software solutions focusing on
contact centers, video communications, healthcare,
telecommunications, public safety and the transit market. Enghouse
has a two-pronged growth strategy that focuses on internal growth
and acquisitions, which are funded through operating cash flows.
The company has no external debt financing and is organized around
two business segments: the Interactive Management Group and the
Asset Management Group. For more information, please visit
www.enghouse.com.
Contact: Sam Anidjar, Vice
President, Corporate Development, Enghouse Systems
Limited, investor@enghouse.com
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