8x8 Acquires UK's Voicenet
SAN JOSE, Calif. -- 8x8, Inc. (NASDAQ:EGHT), a provider of cloud communications and collaboration solutions to more than 35,000 business customers, today announced it has signed a definitive agreement to acquire privately-heldVoicenet Solutions, one of the leading providers of cloud business telephony and communications services in the United Kingdom, for $18.4 million in cash. The transaction is subject to customary closing conditions and is expected to close before the end of the calendar year.
Considered a pioneer in the UK market since 2004, Voicenet Solutionsprovides a range of award-winning unified communications services supporting both SMB and mid-market businesses, including fixed mobile convergence applications that offer the features and functionality of desktop business phone solutions on smart phones.
"The acquisition of Voicenet clearly demonstrates the execution of our international expansion strategy as well as our move upmarket," said Vik Verma, Chief Executive Officer of 8x8. "With its existing operational footprint, team of highly skilled and dedicated employees, solid mid-market and distributed enterprise customer base, and outstanding reputation in the UK, Voicenet provides 8x8 with an excellent opportunity to replicate in Europe the successful, profitable SaaS communications and collaboration business we've built in North America. We view this expansion model as a key component of our Global Reach initiative and, including this acquisition, we continue to target non-GAAP net income as a percentage of revenue in the high single digit range."
8x8 Inc. (Nasdaq: EGHT)