Qumu Corp. (NASDAQ: QUMU) and Equus Holdings, Inc. reported that they have entered into a definitive asset purchase agreement under which Qumu will sell its Rimage disc publishing assets to Redwood Acquisition, Inc., a subsidiary of Equus Holdings, in an all cash transaction valued at USD23m.
The transaction resulted from a comprehensive process implemented by Qumu´s board of directors to maximize the value of the disc publishing operations for shareholders while enabling Qumu management to focus resources and time exclusively on the company´s high growth enterprise video content management software business.
The transaction is subject to certain closing conditions, including Qumu shareholder approval, and is expected to close by July 31, 2014.
Equus Holdings is a Minneapolis-based company that has evolved from a custom computer manufacturer to a portfolio of technology companies primarily in the IT equipment and solutions markets. Equus has been in business for 25 years and seven years ago became 100 percent employee-owned through an ESOP.
Qumu provides the tools businesses need to create, manage, secure, distribute and measure the success of their videos. Additional information can be found at www.qumu.com.
Rimage Disc Publishing (www.rimage.com) offers industry-leading digital publishing solutions to archive, distribute and protect content on CDs, DVDs and Blu-ray Discs to more than 10,000 customers around the world.