VOIP services

Vertical Acquires Vodavi

PHOENIX -- Vodavi Technology, Inc. (Nasdaq: VTEK) announced today that it has signed a definitive agreement with Vertical Communications, Inc. pursuant to which Vertical will acquire all of the outstanding shares of Vodavi for $7.50 per share. The transaction is subject to stockholder approval. The Boards of Directors of both Vodavi and Vertical have approved the proposed transaction. In addition, directors and officers of Vodavi (including LG-Nortel Co. Ltd.) who beneficially own approximately 37% of Vodavi’s outstanding shares of common stock have signed voting agreements in favor of the proposed transaction.

“In today’s business environment and especially in our industry, scale is becoming more critical in order to continue to bring high quality, cost competitive and technologically competitive products to the marketplace," said Greg Roeper, President and Chief Executive Officer of Vodavi. “By being part of a much larger organization, our customers should have better and faster access to the latest and greatest products, and our employees will have access to greater resources.”

“The combination of Vertical and Vodavi accelerates our momentum and will clearly help us achieve our vision faster, to the benefit of our dealers and end customers alike,” said Bill Tauscher, Vertical’s Chairman and Chief Executive Officer. “Clearly, dealers and end customers alike will benefit from the increased channel footprint, the larger research & development spend, and the more robust set of marketing programs that will result from the larger company. We’ll be delighted to welcome the Vodavi employees to the Vertical family and add the Vodavi products to our portfolio, and we’re looking forward to working with the Vodavi channel partners as we continue to grow our respective businesses.”

Vertical Communications Inc.

Vodavi Technology Inc.

Be the first to post a comment regarding this story.
Sign In