Lifesize, the global provider of video conferencing solutions, has filed for chapter 11, AV Magazine reported. The company has entered into an asset-purchase agreement with Enghouse Systems for the software solutions provider to acquire its assets and brands, including Lifesize, Kaptivo, ProScheduler, Serenova and Telstrat for about $21 million. Lifesize will operate as usual throughout its sale and financial reorganization process to secure an owner with a long-term commitment. The company has obtained $5m in debtor-in-possession financing from its existing lender to support day-to-day operations during the chapter 11 process. Lifesize, which was set up in 2003, created the world’s first high-definition video meetings and cloud-based contact centers, serving millions of users through channel partners in more than 100 countries.
