M&A · Tech · Services-Prepackaged Software
Enghouse Systems Ltd to acquire Qumu Corp
Announced Dec 19, 2022 · Closed Feb 8, 2023
Deal value$18MEV $12M
Premium105.0%To unaffected price
EV / Adj. EBITDA—0.6x EV / Revenue
ConsiderationAll cash$0.90 per share
Transaction
- Acquirer
- Enghouse Systems Ltd (ENGH)
- Target
- Qumu Corp (QUMU)
- Buyer type
- Strategic
- Offer price per share
- $0.90
- Enterprise value
- $12M
- Status
- Closed Feb 8, 2023
Deal protections
- Break fee (target pays)
- $0.8M · 4.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Craig-Hallum
Sector context · Tech
- Comparable deals
- 76 in the prior 24 months
- Premium
- 105.0% vs. 35.0% sector median
- EV / Adj. EBITDA
- Sector median 17.2x
- Break fee
- 4.4% vs. 3.0% sector median
Timeline
- AnnouncedDec 19, 2022
- Tender offerJan 6, 2023
- ClosedFeb 8, 2023
Valuation · fairness opinions
Discounted cash flow$0.77$1.26
Offer $0.90
Implied value per Qumu Corp share by analysis, from Craig-Hallum.