Enghouse Systems Limited (TSX:ENGH) entered into an asset purchase agreement to acquire Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc. (OTCPK:SEAC) for $39 million on April 24, 2024. 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 $39 million. The Enghouse Asset Sale, which has been approved by SeaChange?s Board of Directors (the ?Board?), 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. The termination fee payable to Enghouse is $1.3 million.

Needham & Company, LLC is acting as exclusive financial advisor to SeaChange in this transaction, and K&L Gates LLP is acting as legal counsel to SeaChange in this transaction.