Qumu Corporation (QUMU), a provider of cloud-based enterprise video technology, and Enghouse Systems Ltd. (ENGH), a Canadian enterprise software solutions firm, said on Monday that it agreed to be acquired by Enghouse for around $18 million in cash.
A newly formed wholly owned arm of Enghouse will start a tender offer to purchase all shares of Qumu for $0.90 per share in cash, a premium of around 105 percent over the $0.44 per share, the closing price of Qumu share on December 16.
The transaction is expected to be completed in February 2023. .
Neil Cox, Chairman, Qumu Board, said: "The Qumu board is committed to maximizing shareholder value and has unanimously approved the transaction with Enghouse. We believe this transaction will deliver excellent value to our shareholders."
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