Mediasite, Inc.

Division: Phoenix Capital Resources, Phoenix Management Services


Mediasite, Inc. was a developer of Web-based video scan technology headquartered in Pittsburgh, PA.


A private placement had failed and Mediasite was running out of cash.


The Company engaged Phoenix Management Services to oversee its financial function. Phoenix assumed control of Mediasite’s cash management, and reduced the cash burn by reducing headcount, renegotiating the company’s lease, and negotiating settlements with a majority of trade creditors. As a result of Phoenix’s efforts, the Company was able to stay in existence for several months longer than it originally thought, which provided it the time to structure, negotiate, and close a sale of the Company to Sonic Foundry, Inc. (NASDAQ: SOFO). Sonic Foundry has discontinued its other lines of business and is now solely focused on Mediasite, which is the leading Rich Media Solution for automated, “production-free” recording, organizing, publishing, managing and viewing of rich media content.