This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

8x8 Signs Definitive Agreement To Acquire UK-Based Voicenet Solutions

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-held Voicenet 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 Solutions provides 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.”

Verma continued, “This acquisition provides 8x8 an operational presence in Europe to support our US customers with multinational offices and at the same time enables Voicenet to market a broader range of services to its installed base of customers. We look forward to welcoming our new Voicenet employees to 8x8 and providing their UK customers with our comprehensive, secure and reliable cloud communications and collaboration services.”

“Voicenet has an established base of over 1,000 business customers and is well respected in the UK market,” said Kevin Scott-Cowell, CEO of Voicenet Solutions. “8x8 has a suite of cloud communications and collaboration services which will strengthen and extend our existing portfolio of services among our growing base of UK and multinational customers.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs