May 15, 2017 / 5:37 PM / 3 years ago

BRIEF-Concurrent Computer sells real-time business segment to Battery Ventures; Appoints Warren Sutherland as CFO

May 15 (Reuters) - Concurrent Computer Corp

* Concurrent sells real-time business segment for $35 million to battery ventures; focuses on video storage & delivery market opportunity

* Concurrent computer corp says warren sutherland appointed chief financial officer

* Concurrent computer corp - real-time business segment will operate as an independent, privately-held company doing business as concurrent real-time

* Concurrent computer corp - total revenue for q3 was $15.0 million

* Concurrent computer corp - of $35.0 million in gross proceeds from deal, $2.8 million is being held by buyer battery ventures until approval is received

* Concurrent computer corp says warren sutherland succeeds emory berry as cfo

* Concurrent computer corp - real-time business segment will be classified as discontinued operations beginning in q4 of fiscal 2017

* Concurrent computer corp - result of real-time business segment sale, pro forma working capital position of company has increased by about $30 million

* Concurrent computer-special banking committee of board that was formed to review co’s strategic alternatives among other things has been dissolved

* Concurrent computer corp - concurrent recorded expenses of $1.1 million related to transaction for q3 ended march 31, 2017

* Concurrent Computer - $2.0 million of proceeds from placed into escrow for future release to concurrent, subject to terms and conditions, on may 15, 2018 Source text for Eikon: Further company coverage:

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