Madison-headquartered Sonic Foundry Inc., a leader in developing comprehensive video recording and streaming solutions for corporations, health care organizations, and government entities, announced in a press release today that it has reached a definitive agreement to sell its Mediasite product and service business to Enghouse Systems Ltd.
Under the terms of the agreement, Sonic Foundry will sell the assets of its Mediasite business, including its Japanese and Dutch subsidiaries, for $15.5 million in cash (subject to certain price adjustments). Closing of the transaction is subject to approval by Sonic Foundry shareholders and certain customary closing conditions. The Sonic Foundry board of directors, executive officers, and a major shareholder (collectively owning approximately 48% of the outstanding common stock) have entered into support agreements with Enghouse, committing to vote in favor of the transaction.
It is currently expected that the acquisition will be completed in the first quarter of 2024.
