Enghouse has signed an agreement to purchase the Mediasite business of Sonic Foundry, including its Japanese and Dutch subsidiaries, for $15.5 million.
Mediasite provides web conferencing, video management, student engagement, lms integrations, live and virtual events, and more.
Collectively, the board of directors, executive officers, and one major shareholder, which own approximately 48 percent of the company have voted in favour of the sale of Mediasite to Enghouse.
Sonic Foundry’s CEO, Joe Mozden Jr., commented on its sale of Mediasite to Enghouse: “We are pleased to have identified a strategic buyer for the Mediasite business.
“Enghouse’s expertise in growing enterprise software businesses and their portfolio of complementary video communications solutions makes them a natural fit to acquire Mediasite.
“We firmly believe that Enghouse is the ideal partner to expand that business and serve the needs of our long-term customer base.
“The sale also aligns with the strategic vision I first laid out for Sonic Foundry, creating more opportunities and flexibility for us to focus on our emerging new businesses, Vidable and Global Learning Exchange.”
The transaction is subject to approval by Sonic Foundry’s shareholders and customary closing conditions.
All being well, the acquisition is expected to be completed in the first quarter of 2024.
Why Mediasite?
Mediasite’s offering connects into the video communications aspect of Enghouse’s business, bringing with it new technology and a customer following that it will no doubt look to absorb, with the potential for cross-selling opportunities with its other solutions.
Enghouse has also been no stranger to acquisitions having already expanded its enterprise by adding two further communications-based technology companies under its wing within the last 19 months.
In June 2022, Enghouse acquired Competella, a Microsoft Teams solutions vendor. Competella provides a communications suite for Teams that enables organisations to move from telephony legacy systems to Teams phone solutions.