SeaChange Announces an Agreement to be Acquired by Enghouse and Termination of Previously Announced Proposed Acquisition by Partner One

BOSTON, April 24, 2024 (GLOBE NEWSWIRE) -- SeaChange International, Inc. (OTC: SEAC) (“SeaChange” or the “Company”), a leading provider of video delivery, advertising, streaming platforms, and emerging Free Ad-Supported Streaming TV services (FAST) development, has entered into an asset purchase agreement (the “Enghouse Purchase Agreement”) under which an affiliate of Enghouse Systems Limited (“Enghouse”), a leading global telecommunication technology and solutions company that provides next generation communications solutions to communication service providers (including TV / cable operators), media companies, defense, public safety agencies, and utilities, will acquire substantially all of SeaChange’s assets related to its product and services business (the “Enghouse Asset Sale”), and will assume certain liabilities, for a total purchase price of $39 million, less SeaChange’s cash and cash equivalents at closing (“Closing”). The Company currently expects the transaction will result in net proceeds to SeaChange of between $21 to $23 million upon Closing.