SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
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FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: July 3, 2003

FORGENT NETWORKS, INC.
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(Exact name of registrant as specified in its charter)

DELAWARE                                  0-20008                             74-2415696

(State or other jurisdiction of               (Commission File Number)                   (IRS Employer
incorporation or organization)                                                       Identification No.)
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108 Wild Basin Road
Austin, Texas                                        78746
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(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code: (512) 437-2700.

Item 2.  Acquisition or Disposition of Assets.
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On July 3, 2003,  Forgent Networks,  Inc. (the "Company"),  closed the sale
(the "Sale") of  substantially  all of the assets used in its  videoconferencing
hardware services business (the "Services  Business") to Gores Technology Group,
through its affiliate GTG Holdings Corp. (the "Buyer"). As consideration for the
sale of the Services  Business,  the Company received  $7,350,000 in cash, which
was net of a $400,000  extension fee, and the assumption of substantially all of
the  liabilities of the Services  Business.  In addition,  the Company and Buyer
have agreed to reach an accord  relating  to up to $250,000 of initial  purchase
price  adjustments  by July 31, 2003. An additional  $2,000,000 in cash has been
placed in escrow for possible further  purchase price  adjustments and indemnity
claims.  The purchase  price escrow,  consisting of  $1,000,000,  will remain in
escrow for a period of 120 days subsequent to the closing. The indemnity escrow,
consisting  of  $1,000,000,  will  remain  in  escrow  for a period of 18 months
subsequent  to the  closing.  The  Company can give no  assurances  that it will
receive some or any of either the purchase price escrow or the indemnity escrow.
The Company's  financial advisor,  Raymond James & Associates,  Inc., rendered a
report  to the  Company  regarding  the  Sale.  In  connection  with sale of the
Services Business, the Company and Buyer also entered into a transition services
agreement,  whereby the Company will provide,  for a fee at actual cost, certain
transition  services for Buyer  related to the assets  acquired and  liabilities
assumed  in the  Sale.  The  Company  and Buyer  also  entered  into a  reseller
agreement, whereby Buyer will be able to resell the Company's software products,
and a  co-marketing  arrangement,  whereby the Company will receive a commission
for referring videoconferencing related service business to Buyer.

In  connection  with the Sale,  Dennis Egan,  formerly the  Company's  Vice
President,  Services,  became  employed by Buyer and entered into an  employment
agreement with Buyer.

The  Sale  is  more  fully  described  in the  Company's  definitive  proxy
statement on Schedule 14A, filed with the Securities and Exchange  Commission on
May 30, 2003.

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Item 7.  Financial Statements and Exhibits.
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(a)  Not applicable.

(b)  Pro forma financial information.

The pro forma  financial  statements  of the Company  required by this
Item 7(b) are not yet  available.  The  Company  expects  that the pro
forma financial statements will be completed and filed by amendment to
this Form 8-K Current  Report  within 60 days after the date this Form
8-K Current  Report is required  to be filed with the  Securities  and
Exchange Commission.

(c)  Exhibits.

The  following  exhibit is  furnished in  accordance  with Item 601 of
Regulation S-K.

2.1  Asset Purchase Agreement, by and between Forgent Networks,  Inc.,
GTG Holdings, Inc. and Pierce Technology Services, Inc. (formerly
VidCon  Holding Corp.)  (incorporated  by reference to Annex A of
the  Company's   definitive  proxy  statement,   filed  with  the
Securities and Exchange Commission on May 30, 2003).

99.1 Press  Release of  Forgent  Networks,  Inc.,  dated as of July 3,
2003.

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SIGNATURE

Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

Dated: July 18, 2003.

FORGENT NETWORKS, INC.

By:/s/ Jay C. Peterson
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Jay C. Peterson
Chief Financial Officer

4

Exhibit 99.1

FORGENT COMPLETES SALE OF VIDEOCONFERENCING HARDWARE
SERVICES BUSINESS TO AFFILIATE OF GORES TECHNOLOGY GROUP

AUSTIN, TX, Jul. 03, 2003 (MARKET WIRE via COMTEX) -- Forgent(TM)  Networks
(NASDAQ: FORG), a leading provider of enterprise meeting automation software and
services, today announced that Gores Technology Group, through its affiliate GTG
Holdings  Corp.,  has completed the  acquisition of Forgent's  videoconferencing
hardware services business, based in King of Prussia, PA.

Gores will  rename the  videoconferencing  hardware  services  business  to
Pierce Technology Services,  Inc. The transaction is valued at approximately $18
million in aggregate, including $8 million in cash, $2 million in escrow and the
assumption of certain liabilities totaling about $8 million. The transaction was
approved at Forgent's annual stockholders meeting today.

About Forgent 

Forgent  Networks is a leading  provider of enterprise  meeting  automation
software and services that enable  organizations  to schedule and automate their
meeting environment.  By streamlining the planning,  scheduling and execution of
meetings,   organizations   recognize   increased   productivity   and   reduced
administrative  overhead  associated with their meeting  environment.  Forgent's
software  provides  one-stop  scheduling of all resources  necessary for complex
conferences and  automatically  launches the  communications  media used for any
meeting.  The newest  suite of  products,  Forgent  ALLIANCE(TM),  incorporating
additional  functionality  will  be  announced  in  July  2003.  For  additional
information visit www.forgent.com.

About Gores Technology Group 

With  headquarters in Los Angeles,  Gores  Technology  Group is a privately
held  international  acquisition  and management firm that pursues an aggressive
strategy of acquiring promising high-technology  organizations and managing them
for growth and profitability. GTG has a successful track record of acquiring and
managing  companies -- including  many  divisions  acquired from large  publicly
traded companies -- through its commitment to customers, employees and continued
development of intellectual property. GTG has acquired and managed approximately
40  interrelated  but  autonomous  technology-oriented  companies with locations
throughout the world. Those companies provide a broad range of  technology-based
products and services to a substantial  customer base  representing  millions of
active users worldwide. www.gores.com

Exhibit 99.1

Safe Harbor 

This release may include projections and other  forward-looking  statements
that involve a number of risks and uncertainties and, as such, actual results in
future periods may differ  materially from those currently  expected or desired.
Some of the factors that could cause actual results to differ materially include
changes in the general  economy and the  technology  industry,  rapid changes in
technology,  sales  cycle and product  implementations,  risks  associated  with
transitioning  to a new  business  model and the  subsequent  limited  operating
history,  the possibility of new entrants into the enterprise meeting automation
market,  the  possibility  that the market for the sale of certain  software and
services may not develop as expected,  that  development  of these  software and
services may not proceed as planned,  risks  associated  with Forgent's  license
program,  including risks of litigation involving intellectual property, patents
and trademarks, and acquisition integration.  Additional discussion of these and
other risk factors  affecting  Forgent's  business and prospects is contained in
Forgent's periodic filings with the SEC.

Frank Stefanik
Gores Technology Group
310-209-3010

Alexa Coy
Investor contact
Forgent Networks
512-437-2678
Caroline Langley
Media contact
512-437-2731

"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding Forgent's
business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion of such
risks and uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk Factors" in
the Company's Annual Report or Form 10-K for the most
recently ended fiscal year.