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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

8x8, Inc. Completes Acquisition Of UK-Based Voicenet Solutions

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.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs