MARKHAM, Ont. — Enghouse Systems Ltd. has signed a deal to buy Qumu Corp., a provider of cloud-based enterprise video technology, for US$18 million.
Under the agreement, Enghouse will pay 90 cents US per share in cash for the company.
Qumu shares closed at 44 cents US on Friday.
Enghouse chairman and CEO Steve Sadler says the combination of Qumu's video creation, management and delivery offerings with Enghouse's video collaboration and streaming products strengthens the position of both companies.
The Qumu board of directors, executive officers and certain shareholders, have signed support agreements with Enghouse committing to tender all of their Qumu shares to the offer.
The deal, which is subject to customary and other closing conditions, is expected to be close in February 2023.
This report by The Canadian Press was first published Dec. 19, 2022.
Companies in this story: (TSX:ENGH)
The Canadian Press
