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8×8 acquires Voicenet Solutions for $18.4m November 11, 2013

Posted by Matthew Townend in Uncategorized.
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Today 8×8 announced they had signed a definitive agreement to acquire Voicenet Solutions in the UK. Voicenet have been one of the most successful UK VoIP business with over a 100 UK businesses using their services and over 35,000 users.

This latest announcement follows the recent news from RingCentral one of the other major players in the US , that they are entering the UK market. Voicenet had been rumoured to be considering purchasing a new Softswitch so this acquisition will give their users access to 8×8 award winning platform and will broaden the services they can offer them. Kevin Scott-Cowell the CEO of Voicenet highlighted the opportunity to offer a broader set of services as well as addressing the increasing multinational requirements as key reasons for the acquisition.

For those readers who don’t know know 8×8 they are regarded as a leading light both amongst the investor and analyst community in the US. In there last financial results they had revenues of over $30 million and a Market Capital of over $700 million. a valuation lots of companies look to reflect.

illlume has had a long standing relationship iwth the team at Voicenet & wish Kevin and his team every success as this looks like a great deal for both sides.

 

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