SeaChange has announced a new agreement to be acquired by Enghouse after the termination of its agreement with Partner One.
Enghouse, which provides communications solutions to cable and TV operations, defence companies and utilities, will acquire substantially all of SeaChange’s assets related to its product and services business for $39 million.
“When we set out to identify a strategic partner for SeaChange, our two key goals were to maximize stockholder value and to find a larger home for the SeaChange assets within which the business could scale. With Enghouse’s commitment to SeaChange and their customer-centric vision for the business, both goals are met. Enghouse has a remarkable track record of embedding software businesses into their highly efficient operational framework, and we are looking forward to seeing SeaChange thrive within the Enghouse family,” said Chris Klimmer, CEO at SeaChange.
In March, SeaChange had announced that Partner One would pay $30 million for its assets.
After receiving the counter offer from Enghouse, SeaChange’s independent financial and legal advisors “determined in good faith was a Superior Proposal”. PartnerOne was given the opportunity to better its original proposals, but advised SeaChange that it had made its best and final offer.
