Today, Enghouse Systems Limited announced that it has successfully acquired Qumu Corporation.
A wholly owned subsidiary of Enghouse successfully executed a previously announced tender offer for all the existing shares of Qumu for US$ 0.90 per share in cash, resulting in a total equity value of around US$18.0 million, in accordance with a contract dated December 19, 2022. After then, Qumu and the Enghouse subsidiary amalgamated, becoming Qumu an entirely 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.”
The merger of Qumu and Enghouse, according to Qumu’s president and CEO Rose Bentley, would increase Qumu’s Video Engagement Platform and assist its current clients. “We are pleased to have found a smart, strategic buyer for Qumu that will thoughtfully integrate our business into Enghouse’s.”
