MARKHAM, Ont. — Business software company Enghouse Systems Ltd. says it has signed a deal with Sonic Foundry Inc. to buy its Mediasite business for US$15.5 million in cash.
Mediasite is a video service that helps organizations with recording, live streaming and video management.
The deal is subject to approval by Sonic Foundry shareholders and customary closing conditions.
The companies say the Sonic Foundry board of directors, executive officers and a major shareholder have agreed to back the deal.
Collectively they hold 48 per cent of Sonic Foundry's outstanding shares.
The acquisition is expected to close in the first quarter of 2024.
This report by The Canadian Press was first published Jan. 4, 2024.
Companies in this story: (TSX:ENGH)
The Canadian Press
