Business
Enghouse Systems Enters Into Asset Purchase Agreement With Lifesize Inc.
Enghouse Systems Enters Into Asset Purchase Agreement With Lifesize Inc. Canada NewsWir...
About this update from Enghouse Systems Limited
[{"type":"text","content":"\n\n \n \n \n Enghouse Systems Enters Into Asset Purchase Agreement With Lifesize Inc.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MARKHAM, ON\n \n and\n \n AUSTIN, Texas\n \n \n ,\n \n \n May 17, 2023\n \n \n /CNW/ -\n \n Enghouse Systems Ltd.\n \n (TSX: ENGH), a leading vertical enterprise software solutions company, today announced it has entered into an Asset Purchase Agreement (\"APA\" or \"Agreement\"), with Lifesize Inc. (\"Lifesize\" or \"the Company\"), a leading global provider of video conferencing and omnichannel contact center solutions.\n \n \n Under the Agreement, Enghouse will acquire substantially all the Company's assets and brands, including Lifesize, Kaptivo, ProScheduler, Serenova and Telstrat.\n \n \n The APA is the first in a series of strategic actions that Lifesize is taking to reorganize its capital structure for the benefit of customers, partners, employees and other stakeholders. To effectuate the sale, the Company has filed voluntary, pre-negotiated petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of\n \n Texas\n \n , Laredo Division.\n \n \n \"Lifesize's global reach, customer base and innovative technology enhances the way the world communicates and improves customer experiences in the new realities of hybrid and remote work,\" said\n \n Michael Yoshimura\n \n of FTI Consulting, Co-Chief Restructuring Officer of Lifesize. \"The Lifesize multivendor video meeting connectivity is needed by global enterprises now more than ever. We are optimistic about the future for the Company and are confident Lifesize can continue to deliver value and certainty to its blue-chip customer base worldwide.\"\n \n \n Lifesize will operate as usual throughout its sale and financial reorganization process to secure an owner with a long-term commitment to continuity, ongoing support and investment. For that purpose, Lifesize has obtained\n \n US$ 5.0 million\n \n in debtor-in-possession financing from its existing lender. The financing, in addition to its existi...