OTTAWA, Ontario--(BUSINESS WIRE)--Espial Group Inc. (“Espial” or the “Company”) (TSX: ESP) today announces that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced Plan of Arrangement under the Canada Business Corporations Act pursuant to which Enghouse Systems Inc. will acquire all of the issued and outstanding common shares of Espial $1.57 in cash per common share. The Arrangement was previously approved at a special meeting of shareholders of Espial held on May 21, 2019. Espial expects that the Arrangement will be completed later today following the fulfilment of certain closing conditions, not otherwise waived, which are customary in transactions of this nature.
Espial is a public software company, established in 1997 and headquartered in Ottawa, Canada. Espial solutions are used by over 100 video service providers and device manufacturers across US, Canada, Europe & Asia. Espial’s solution portfolio includes client, server and cloud software products along with system integration services to help service providers launch next generation video offerings. Espial’s customers have deployed over 50 million devices, and are serviced through Espial’s global sales, support, and innovation centers. Espial has partnered with leading companies like Netflix, Amazon and Google among others for its Elevate SaaS solution, which is powers cable, IPTV & App-based IP video services for over 30 video service providers. For more information on Espial’s solutions, visit www.Espial.com. For more information about Espial Elevate cloud IPTV platform, visit www.Espial.com/elevate.
Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of vertical markets. Its strategy is to build a more diverse enterprise software company through strategic acquisitions and managed growth within its business sectors: Contact Center, Networks (OSS/BSS) and Transportation/Public Safety. Enghouse shares are listed on the Toronto Stock Exchange (TSX:ENGH). Further information about Enghouse is available at www.enghouse.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements include statements with respect to the anticipated completion of the Arrangement and the fulfilment of any remaining closing conditions. The forward-looking statements included in this news release are made as of the date of this news release and neither Espial nor Enghouse undertakes any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.