SeaChange to be acquired by Enghouse, terminates Partner One transaction

SeaChange International has entered into an asset purchase agreement under which an affiliate of Enghouse Systems Limited will acquire substantially all of SeaChange’s assets related to its product and services business and will assume certain liabilities, for a total purchase price of $39M less SeaChange’s cash and cash equivalents at closing The Company currently expects the transaction will result in net proceeds to SeaChange of between $21 to $23M ..The Enghouse Asset Sale, which has been approved by SeaChange’s Board of Directors is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange’s outstanding common stock. Subject to such closing conditions, Closing is expected to occur in early May 2024. “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.