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Enghouse Systems has successfully acquired Qumu Corporation for US$ 0.90 per share, totaling approximately US$ 18.0 million in equity value. This acquisition was finalized under an agreement dated December 19, 2022, where a wholly owned subsidiary of Enghouse completed a tender offer for all outstanding Qumu shares. Following this, Qumu merged into Enghouse, now operating as a wholly owned subsidiary. Enghouse aims to integrate Qumu's Video Engagement Platform into its existing portfolio, enhancing its offerings in the enterprise video sector and expanding customer reach.
Enghouse Systems will acquire Qumu Corporation in a cash transaction valued at approximately US$18 million. Shareholders will receive US$0.90 per share, a 105% premium over the recent closing price. The merger, approved by both boards, will proceed with a tender offer anticipated to close in February 2023. Qumu's leadership emphasized the merger's potential to enhance innovation and service quality. The deal reflects Enghouse's strategy for growth and expansion in the enterprise video technology market.
Qumu Corporation has partnered with hihaho to enhance video interactivity on its Video Engagement Platform. This collaboration allows Qumu customers to easily add interactive elements to their videos, improving viewer engagement. With open APIs, users can create tailored video experiences without extensive technical skills. Hihaho’s tools support various interactive features, allowing detailed tracking of viewer behavior. This development is aimed at optimizing video content for marketing, onboarding, and other applications, further solidifying Qumu’s position in cloud-based enterprise video technology.
Qumu Corporation (QUMU) has launched Qumu Live, a suite of managed live streaming and production services, enhancing the delivery of broadcast-quality video for live, virtual, and hybrid events globally. This service simplifies the complexities of live streaming by offering end-to-end solutions, including planning, hosting, and analytics. The platform supports various interactive elements and is backed by expert guidance. Notably, Qumu Live has already been successfully implemented for high-stakes events, showcasing its reliability and scalability for organizations of all sizes.
Qumu Corporation (Nasdaq: QUMU) reported Q3 2022 results showcasing a 6% increase in Software as a Service (SaaS) revenue to $2.8 million and a 7% growth in SaaS Annual Recurring Revenue (ARR) to $13.5 million. Despite an overall revenue drop to $5.5 million, effective cost management led to a 30% year-over-year reduction in operating expenses. The gross margin improved to 77.5%. Qumu aims for SaaS recurring revenue to reach 65% of total by year-end 2022 and 75% by the end of 2023, aligning with its three-year vision to achieve $50 million in revenue by 2025.
Qumu Corporation (NASDAQ: QUMU) will hold a conference call and webcast on October 27, 2022, at 4:30 p.m. ET to discuss its Q3 2022 financial results. The financial results will be announced via a press release before the call. Participants can register for dial-in details and access the live webcast through Qumu's investor relations website. The archived webcast will be available for a year. Qumu offers cloud-based enterprise video technology to enhance organizational communication and engagement.
Qumu Corporation has secured a significant deal with Sika Group, a global leader in specialty chemicals, to utilize its Video Engagement Platform for enterprise-wide video management. This new partnership involves migrating over 5,000 videos to enhance security, content management, and multilingual distribution.
Sika, operating in more than 100 countries, required a robust solution to ensure compliance and streamline video accessibility. Qumu's platform provides critical security, automated retention, and archiving features, further solidifying its position in the enterprise video technology market.
Qumu Corporation (Nasdaq: QUMU) has launched its Video Engagement Platform on the Google Cloud Marketplace, marking a significant step in its transformation into a Software-as-a-Service (SaaS) enterprise. This platform enables businesses to create, control, and analyze video content effectively. The move enhances Qumu's cloud presence and aligns it with Google Cloud, facilitating smoother customer access and deployment of video capabilities. This aligns with the growing demand for enterprise video solutions, particularly in hybrid and remote work environments.
Qumu Corporation (Nasdaq: QUMU) reported a 10% increase in SaaS revenue, reaching $2.8 million for Q2 2022, contributing to a SaaS Annual Recurring Revenue of $13.3 million. The company maintained a gross margin of 75.4% and reduced operating expenses by 15% sequentially. While total revenue was $5.1 million, down from $5.9 million year-over-year due to a strategic shift from perpetual licenses to SaaS, the management remains optimistic about achieving 65% SaaS recurring revenue by the end of 2022. The net loss improved to $(2.6) million, indicating positive financial momentum.
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