An anonymous director reports

ENGHOUSE SYSTEMS SIGNS AGREEMENT TO ACQUIRE MEDIASITE

Enghouse Systems Ltd. and Sonic Foundry Inc. have entered into a definitive agreement by which Enghouse will acquire the Mediasite business of Sonic Foundry.

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 (U.S.) in cash (subject to certain price adjustments). The 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 per cent of the outstanding common stock) have entered into support agreements with Enghouse, committing to vote in favour of the transaction. It is currently expected that the acquisition will be completed during the first quarter of 2024.

About Enghouse Systems Ltd.

Enghouse Systems is a Canadian publicly traded company that provides vertically focused enterprise software solutions focusing on contact centres, video communications, health care, telecommunications, public safety and the transit market. Enghouse has a two-pronged growth strategy that focuses on internal growth and acquisitions, which are financed through operating cash flows. The company has no external debt financing and is organized around two business segments: the interactive management group and the asset management group.

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