SeaChange International, Inc., renowned for its video streaming and advertising technology, has finalized the sale of its core assets to Enghouse Systems Limited. The strategic divestment encompasses SeaChange’s product and service business, earning the company net proceeds exceeding $22.5 million. The transaction, anchored on an asset and software purchase agreement as of April 23, 2024, sees Enghouse taking on certain liabilities of SeaChange in addition to the assets for a total consideration of $39 million adjusted for SeaChange’s closing cash balance. Approval for this transaction came from SeaChange’s Board of Directors and the majority of its common stock shareholders. CEO Chris Klimmer expressed his gratitude towards SeaChange employees for their relentless dedication and is optimistic about the company’s future as part of Enghouse’s robust operational framework. Financial advisory in this deal was provided by Needham & Company, LLC, with K&L Gates LLP offering legal counsel. SeaChange, equipped with a legacy of nearly three decades in premium video software solutions, anticipates that its integration into Enghouse’s portfolio will bolster its market presence. Enghouse, a Canadian publicly traded enterprise, aims to enhance contact center solutions, video communications, and various other sectors through targeted internal development and strategic acquisitions, underlined by strong operating cash flows. As with any transaction, the press release contained forward-looking statements regarding the anticipated success post-acquisition, which are inherently subject to risks, uncertainties, and the potential for materially different outcome.

Software and Technology Services, Telecommunications, Entertainment, Mergers and Acquisitions,Canada, United States

https://www.globenewswire.com/news-release/2024/05/09/2879271/26319/en/SeaChange-Completes-Sale-of-Substantially-All-of-its-Assets-to-Enghouse.html