Sep 29, 2026
Sangoma Technologies (STC) jumped nearly 40% after agreeing to go private in a $289M deal, a price tag that values the company at ~1x sales…
… which feels reasonable, with revenue declining in each of the past three years…
… resulting in margin pressure, given the company’s cost base is largely fixed (operating deleverage).
With 27% of shares outstanding entering support agreements and continued operational challenges, we suspect this bid is the best and final.
About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.
