8x8 Closes Contractual Buy
SUNNYVALE, Calif. -- 8x8, Inc. (Nasdaq:EGHT), provider of innovative cloud communications and computing solutions, today announced that it has completed the acquisition of privately-held Contactual, Inc., a provider of cloud-based call center and customer interaction management solutions. 8x8 agreed to acquire Contactual for 6,700,000 shares of unregistered 8x8 common stock, but this share amount was reduced at closing by 215,100 shares in exchange for 8x8's agreement to pay statutory tax withholding on behalf of five former executives of Contactual, Inc. 8x8 originally announced its intent to buy Contactual on September 12, 2011. The transaction closed on September 15, 2011.
The acquisition of Contactual significantly broadens 8x8's technological expertise and service offerings in the hosted SaaS (Software as a Service) call center market and brings in house the only major software technology of 8x8's service offerings that was not owned and developed by 8x8. 8x8 has been reselling the Contactual contact center technology since 2007. This strategic investment is one of several recent initiatives implemented by 8x8 to advance its mission of becoming the industry's premier provider of broad-based cloud communications and IaaS (Infrastructure as a Service) solutions.
"Together, 8x8 and Contactual become a formidable competitor in the customer interaction management and contact center space," said 8x8 Chairman & CEO Bryan Martin. "With our combined resources, longevity in the market and proven solution, we are in a unique and powerful position to quickly and effectively meet the needs of the growing number of businesses seeking non-premise, cloud-based call center services."
8x8 Inc. (Nasdaq: EGHT)