Kaltura Inc. has announced that its Board of Directors (the “Board”), after a careful and thorough review conducted in consultation with its independent financial and legal advisors, has unanimously determined that the previously disclosed non-binding, unsolicited proposal received from Panopto, Inc., a private company owned by K1 Investment Management, LLC, in which Panopto would acquire all of the Company’s outstanding common stock of Kaltura at a purchase price of $3.00 per share in cash, significantly undervalues Kaltura and therefore is not in the best interests of shareholders.
In connection with the proposal, the Board issued the following statement:
“Kaltura’s Board of Directors is open to all opportunities to maximize shareholder value and is fully committed to acting in the best interests of Kaltura and our shareholders. After careful review and consideration, we concluded that the K1 and Panopto proposal significantly undervalues Kaltura and does not recognize the strength of our business today, nor our compelling future prospects, and as such is not in the best interest of our shareholders.”
“We believe strongly in our strategy and our ability to generate substantial long-term value for shareholders, as well as in our outlook for returning to profitable growth, and have recently taken cost-reduction and re-organization measures to accelerate it.”
Kaltura’s mission is to power any video experience for any organization. Its Video Experience Cloud offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies.
Underlying the company’s products and solutions is a broad set of Media Services that are also used by other cloud platforms and companies to power video experiences and workflows for their own products.
Kaltura’s Video Experience Cloud is used by leading brands reaching millions of users, at home, at school and at work, for communication, collaboration, training, marketing, sales, customer care, teaching, learning, virtual events, and entertainment experiences.
