Enghouse Systems Limited
MARKHAM, On and Austin, Texas, April 12 /PRNewswire/
Enghouse Systems Ltd. (TSX: ENGH), a leading enterprise vertical software solutions company, today announced it has entered into an asset purchase agreement (“APA” or “the Agreement”) with Lifesize Inc. (“Lifesize” or “the Company “), a global leader in video conferencing and omnichannel contact center solutions.
Under the terms of the agreement, Enghouse will acquire substantially all of the company’s assets and brands, including Lifesize, Kaptivo, ProScheduler, Serenova and Telstrat.
The APA is the first in a series of strategic actions Lifesize is undertaking to reorganize its capital structure for the benefit of customers, partners, employees and other stakeholders. To complete the sale, the Company has filed a voluntary pre-trial petition for a Chapter 11 reorganization in the US Bankruptcy Court for the Southern District of Texas, Laredo Division.
“Lifesize’s global reach, customer base and innovative technology not only improves how the world communicates with one another, but also improves customer experiences in the new reality of hybrid and remote work,” said Michael Yoshimura of FTI Consulting, Co -Chief Restructuring Officer of Lifesize, “Lifesize multivendor video conferencing connectivity is needed by global businesses now more than ever. We are optimistic about the future of the company and are confident that Lifesize will continue to provide value and security to its blue chip customer base worldwide can.”
Lifesize will continue to work as usual during the sale and financial restructuring to find an owner with a long-term commitment to continuity, continued support and investment. To that end, Lifesize received a $5.0 million bankruptcy loan from its existing lender. The loan, in addition to the existing working capital facility and subject to court approval, will provide liquidity to support day-to-day operations during the Chapter 11 process.
“Lifesize was founded with a vision to provide true-to-life visual communications solutions that enable businesses to thrive in a digital world,” said Marc Bilbao of FTI Consulting, Lifesize’s Co-Chief Restructuring Officer. “However, due to the global pandemic, the need for video conferencing solutions in the office has disappeared practically overnight. This ultimately disrupted Lifesize’s core business model and put a strain on the company’s financial structure. During the Chapter 11 process, Lifesize will remain focused on serving its global customer base from omnichannel contact centers and 4K video conferencing solutions.”
The agreement is subject to higher or better bids in accordance with tender procedures and deadlines and court approval.
About Lifesize
Lifesize video conferencing and omnichannel contact center solutions keep us connected. Founded in 2003, Lifesize developed the world’s first high-definition video conferencing and cloud-based contact centers. The company serves millions of users through distribution partners in over 100 countries and lives on the philosophy “There is nothing more important than our customers”. Learn more online at www.lifesize.com.
About Enghouse Systems Ltd.
Enghouse Systems Ltd. is a Canadian public company (TSX: ENGH) providing vertically aligned enterprise software solutions with a focus on the contact center, videocom, healthcare, telecom, public safety and transit market. Enghouse is pursuing a two-pronged growth strategy focused on internal growth and acquisitions funded by operating cash flow. The company is unleveraged and has two business segments: the Interactive Management Group and the Asset Management Group. For more information, see www.enghouse.com.
Sam Anidjar, Vice President, Corporate Development, Enghouse Systems Limited, [email protected]
Original content from: Enghouse Systems Limited, transmitted by news aktuell
