Synacor and Qumu Announce Mutual Termination of Merger Agreement
June 29 2020 - 4:05PM
Business Wire
Synacor, Inc. (Nasdaq: SYNC), a leading provider of cloud-based
Collaboration and Identity Management software and services serving
global enterprises, video, internet and communications providers,
and governments, and Qumu Corporation (Nasdaq: QUMU) a leading
provider of tools to create, manage, secure, distribute and measure
the success of live and on-demand video for the enterprise, today
announced that the companies have mutually agreed to terminate
their proposed all-stock merger agreement, previously announced on
February 11, 2020.
The termination was approved by the Boards of Directors of both
companies.
In a joint statement, Kevin Rendino, Chairman of Synacor, and
Neil Cox, Chairman of Qumu, said, “We mutually concluded after
careful consideration that it would not be prudent to continue to
pursue the combination and integration of our companies. We are
confident this is the right decision for our shareholders, our
customers and our employees. This decision will ensure each of
Synacor and Qumu can dedicate the resources and focus to pursue
opportunities in their respective industries and businesses.”
Additional details regarding the termination agreement will be
set forth in a Current Report on Form 8-K to be filed by each of
Synacor and Qumu with the Securities and Exchange Commission on
June 29, 2020.
About Synacor
Synacor (Nasdaq: SYNC) is a cloud-based software and services
company serving global video, internet and communications
providers, device manufacturers, governments and enterprises.
Synacor’s mission is to enable its customers to better engage with
their consumers. Its customers use Synacor’s technology platforms
and services to scale their businesses and extend their subscriber
relationships. Synacor delivers managed portals, advertising
solutions, email and collaboration platforms, and cloud-based
identity management. www.synacor.com
About Qumu
Qumu Corporation (Nasdaq: QUMU) is the leading provider of
best-in-class tools to create, manage, secure, distribute and
measure the success of live and on-demand video for the enterprise.
Backed by the most trusted and experienced team in the industry,
the Qumu platform enables global organizations to drive employee
engagement, increase access to video, and modernize the workplace
by providing a more efficient and effective way to share
knowledge.
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version on businesswire.com: https://www.businesswire.com/news/home/20200629005769/en/
Synacor Contact: FNK IR Rob Fink +1.646.809.4048
rob@fnkir.com
Meredith Roth VP, Marketing & Corporate Communications
Synacor +1.770.846.1911 mroth@synacor.com
Qumu Contact: Dave Ristow Chief Financial Officer Qumu
Corporation +1.612.638.9045 dave.ristow@qumu.com
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