Sangoma Technologies Corp (SANG) is the subject of a Schedule 13G in which Glazer Capital, LLC, investment manager to certain funds and managed accounts, and its managing member, Paul J. Glazer, report beneficial ownership of 1,750,000 common shares, or 5.3% of the class. They report shared voting and dispositive power over 1,750,000 shares, with zero sole voting or dispositive power. Glazer Capital Enhanced Master Fund, Ltd. is identified as having the right to receive or direct proceeds from the sale of more than 5% of the outstanding common shares. The reporting persons state that the filing is not an admission of beneficial ownership for purposes of Section 13.
Sangoma Technologies Corp (SANG) shares were reported as beneficially owned by Alpine Associates Management, Inc., which disclosed 2,008,500 common shares, or 6.04% of the class, as of September 29, 2026. Alpine reported sole voting and dispositive power over 2,008,500 shares in each category, with shared voting and dispositive power of zero.
Sangoma Technologies Corp. entered into a definitive agreement on September 28, 2026, under which 1001755979 Ontario Inc., a subsidiary of BRC Group Holdings, Inc., would acquire all issued and outstanding Sangoma common shares. Each share is to receive US$4.925 in cash and 0.04767 BRC common share.
Sangoma’s board unanimously approved the transaction after a unanimous recommendation from its independent special committee. Completion requires at least two-thirds of votes cast and a separate simple-majority vote excluding certain votes. Directors and officers holding approximately 27% of outstanding shares agreed to vote in favor. The special meeting is expected on or before December 11, 2026.
Closing requires court and regulatory approvals, including U.S. antitrust clearance, Investment Canada Act approval and communications-permit approvals; dissent rights must not be exercised for more than 10% of outstanding shares. There is no financing condition; debt commitments and available cash are expected to fund the cash consideration, and BRC guaranteed the purchaser’s obligations. The deal cannot take effect before January 1, 2027, and is expected to close in January 2027, no later than January 22, subject to conditions and any extension under the agreement. A US$5,397,000 termination fee applies in specified circumstances.
Sangoma Technologies Corporation entered into a definitive agreement under which an affiliate of BRC Group Holdings will acquire all issued and outstanding Sangoma common shares, valuing Sangoma at approximately US$204 million in enterprise value. For each share, shareholders are to receive US$4.925 in cash and 0.04767 of a BRC common share. Based on BRC’s 20-day VWAP, the consideration implies US$5.225 per Sangoma share, with premiums of approximately 47% to Sangoma’s closing price and 51% to its 10-day VWAP as of September 28, 2026.
Completion is subject to shareholder, court and regulatory approvals and customary closing conditions. Sangoma shareholders must approve the arrangement by at least two-thirds of votes cast and a simple majority of votes cast excluding votes required to be excluded under Multilateral Instrument 61-101. The agreement has no financing condition, and closing is expected no later than early 2027, assuming timely receipt of required approvals. Sangoma may terminate to accept an unsolicited superior proposal if BRC does not match it, subject to conditions including a US$5,397,000 termination fee.
Sangoma Technologies Corp. reported revenue of $200.065 million for the year ended June 30, 2026, compared with $236.692 million a year earlier. Gross profit was $140.663 million versus $161.749 million. The company recorded a net loss of $81.094 million, compared with $5.010 million, including a $68.394 million goodwill impairment and a non-cash $3.000 million inventory write-down after exiting legacy connectivity products, including IP telephony cards and session board controllers. Cash provided by operating activities was $23.702 million, versus $41.786 million.
Management identified a material weakness in internal control over financial reporting relating to revenue recognition and deferred revenue reconciliation. It said the risk assessment did not identify, at a sufficient level of precision, incremental controls needed during the staged ERP rollout, and management implemented remediation measures during the year. At June 30, 2026, cash and cash equivalents were $10.431 million; undiscounted contractual maturities of operating facility and loans totaled $27.300 million.
Sangoma Technologies Corporation reported a planned finance leadership transition. Chief Financial Officer Larry Stock has elected to retire effective June 30, 2026 after nearly six years in the role, and will serve in a senior advisory capacity for one year to support an orderly handover. The company states there was no known disagreement between Mr. Stock and Sangoma regarding operations, policies, or practices.
Effective July 1, 2026, Senior Vice President, Finance Adrian Back will become Interim CFO. Sangoma’s board has begun a search for a permanent CFO, considering both internal and external candidates. The company highlights Mr. Back’s experience since joining via the 2021 acquisition of Star2Star Communications, including responsibilities for financial planning and analysis, external audit, SOX compliance, and treasury.
Sangoma Technologies reported weaker results for the quarter and nine months ended March 31, 2026. Quarterly revenue was $50.995 million, down 12% from $58.067 million a year earlier, with services contributing 92% and products 8% of sales. Gross margin slipped to 71% from 69%, while gross profit fell to $36.361 million.
Operating expenses declined in several areas, including general and administration, but higher restructuring costs and lower revenue led to a quarterly net loss of $2.335 million, or $0.07 per share, versus a $1.428 million loss last year. For the first nine months, revenue fell 14% to $153.263 million, with net loss widening to $6.668 million. Adjusted EBITDA for the quarter was $7.475 million, a 15% margin compared with 17% a year earlier, and free cash flow remained positive. The company continued to reduce debt, bringing total outstanding term loans to $32.450 million and ending the period with $15.195 million in cash.
Mawer Investment Management Ltd. reports beneficial ownership of 1,540,208 common shares of Sangoma Technologies Corp. That holding represents 4.64% of the class based on 33,216,981 common shares outstanding as of December 31, 2025, per the filing. The filing is an Amendment No. 8 to a Schedule 13G/A and is signed by Portfolio Manager Jeff Mo on April 6, 2026.
Sangoma Technologies reported weaker results for the three and six months ended December 31, 2025, with revenue and profitability down year over year. Quarterly revenue was $51,450 compared with $59,113 a year earlier, and the company recorded a net loss of $1,996 versus $1,881.
For the six‑month period, revenue fell to $102,268 from $119,263, while the net loss widened to $4,333 from $3,791. Services continued to dominate sales at $47,579 of quarterly revenue, with the USA generating most revenue at $48,904. Despite losses, operating cash flow was positive at $15,069, cash and cash equivalents increased to $17,123, and term loans outstanding totaled $37,600 with shareholders’ equity of $250,041.