8x8, Inc. (NASDAQ:EGHT), a provider of cloud communications and collaboration solutions, today announced that it has completed the acquisition of UK-based Voicenet Solutions, Inc. for $18.4 million in cash.
The acquisition is expected to be neutral to 8x8's net income for the fiscal year ending March 31, 2014, after excluding one-time costs associated with the acquisition and amortization expenses. For the three and six-month periods ended September 30, 2013, Voicenet’s unaudited revenue was approximately $2.4 million and $4.7 million, inclusive of approximately $0.2 million of deferred revenue recognized during the three months ended September 30, 2013. Forty-four employees of Voicenet have joined 8x8 as part of the transaction.
As one of the UK’s leading providers of cloud business VoIP phone service and unified communications, Voicenet Solutions serves more than 1,000 business customers and 30 white label partners. Voicenet customers include mid-sized, multi-location companies such as London Overground Rail Operations, operator of the London Overground train service, Empire Cinemas, the largest private movie-theatre operator in the UK, and Servoca Plc, a leading provider of staffing, recruitment and outsourcing services. The company employs both direct and indirect sales channels and maintains award-winning Accredited Dealer and White Label Programs.
“The acquisition of Voicenet, with all of its resources, expertise and solidly entrenched customer base in the UK, puts us squarely ahead of our competition in the race to capture the growing international demand for cloud communications services,” said 8x8 CEO Vik Verma. “Voicenet has done a phenomenal job attracting, retaining and serving an impressive list of UK-based SMB, mid-market and distributed enterprise customers that closely resemble the profile of our existing customers here in the United States. We are looking forward to building upon the solid foundation Voicenet has established in the UK with our unique and differentiated suite of cloud-based unified communications and collaboration services and taking the lead internationally just as we have domestically.”