CTI Group acquired by Enghouse Systems
Press Release

Cherry Tree Advises CTI Group (Holdings) Inc. on its Sale to Enghouse Systems Limited

Transaction Description
In December of 2015, Enghouse Systems Limited (TSX:ESL) announced that it had successfully completed its acquisition of CTI Group (Holdings) Inc. (“CTI”) (OTC:CTIG) at a price of U$0.61 per share, which represented a 76% premium to the closing price the day before the transaction was announced.

“CTI complements our telecommunications operator solutions portfolio by offering a carrier grade analytics platform for cost analysis, allocation, and cost recovery and also enables service providers to mine their customer data to maintain competitive advantage,” said Stephen Sadler, Chairman & CEO of Enghouse. “We are pleased to welcome CTI’s customers and employees to our organization.”

Cherry Tree’s Role
Cherry Tree was engaged by CTI’s Board of Directors to advise the company on its strategic alternatives related to the sale of the company. Cherry Tree led the process that included introductions and discussions with numerous potential acquirers and financial partners, soliciting proposals, negotiating terms, supporting the due diligence process, facilitating the closing of the transaction, and providing a fairness opinion. 

“The Cherry Tree team that served as investment banking advisor to our Board of Directors brought the experience and leadership we needed to complete our transaction. Together we were able to create a competitive situation which drove a strong valuation and great outcome for our shareholders,” said Mike Reinarts, Chairman of the Board of CTI.

About CTI Group (Holdings) Inc.
CTI Group (Holdings) Inc. is an international provider of electronic invoice processing and management, enterprise communications management software and services solutions, and carrier class voice over internet protocol (VoIP) management applications. CTI’s Analysis, SmartRecord® and Proteus® product suites offer carriers a full array of cloud-based, real-time solutions for traffic analysis, post-billing call analysis, customer care and call recording. CTI’s products are used by some of the top service providers in North America and Europe, and play a trusted role in managing telephony costs at major corporations internationally. Headquartered in Indianapolis, CTI maintains overseas offices in London and Blackburn, UK. For more information, please visit www.ctigroup.com.

About Enghouse Systems Limited
Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of vertical markets. Its strategy is to build a 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:ESL). Further information about Enghouse is available at www.enghouse.com.

About Cherry Tree & Associates
Cherry Tree & Associates, LLC is a private investment banking firm headquartered in Minneapolis, Minnesota, specializing in serving entrepreneurially-managed companies. Founded in 1980, the firm provides financial advisory engagements for buyers, sellers, and companies seeking growth capital, and provides fairness opinions and other valuation services.

Cherry Tree Deal Team

Dave Latzke
Managing Director 
(952) 253-6032
Matt Otto
Senior Associate 
(952) 253-6035
Mik Gusenius
(952) 253-6005
Ben Ikeda
Senior Associate 
(952) 253-6015