With Addition of UK Operations Center and More Than 1,000 Business
Customers, 8x8 Expands to Meet Growing Global Demand for Mid-Market and
Distributed Enterprise Cloud Communications and Collaboration Solutions
SAN JOSE, Calif.--(BUSINESS WIRE)--
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."
Voicenet's growth in the communications industry was recognized in 2012
by Deloitte, which awarded it a spot on the 2011 Deloitte Fast 500
Technology EMEA list.
"We are very excited to introduce 8x8's industry-leading UCaaS solutions
to the UK market," said Voicenet CEO Kevin Scott-Cowell. "Our knowledge
of the local business community combined with 8x8's technological
expertise and emphasis on service qualities such as security,
reliability and scalability, all key concerns for businesses here, will
go a long way as we transition more and more businesses from on-premise
to cloud-based solutions."
Conference Call
8x8 will host a conference call to discuss details of this transaction
at 8:30 a.m. Eastern time on Tuesday, December 3, 2013. The call is
accessible via the following numbers and webcast links:
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Dial In:
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(877) 843-0417, domestic
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(408) 427-3791, international
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Replay:
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(855) 859-2056, domestic (Conference ID # 19238936)
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(404) 537-3406, international (Conference ID # 19238936)
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Webcast:
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http://investors.8x8.com
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Participants should plan to dial in or log on ten minutes prior to the
start time. A telephonic replay of the call will be available three
hours after the conclusion of the call until midnight December 9, 2013.
The webcast will be archived on 8x8's website for a period of one year.
For additional information, visit http://investors.8x8.com.
Forward Looking Statements
This news release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and
Section 21E of the Securities Exchange Act of 1934. These statements
include, without limitation, information about future events based on
current expectations, potential product development efforts, near and
long-term objectives, potential new business, strategies, organization
changes, changing markets, future business performance and outlook. Such
statements are predictions only, and actual events or results could
differ materially from those made in any forward-looking statements due
to a number of risks and uncertainties. Actual results and trends may
differ materially from historical results or those projected in any such
forward-looking statements depending on a variety of factors. These
factors include, but are not limited to, market acceptance of new or
existing services and features; success of our efforts to target
mid-market and larger distributed enterprises; changes in the
competitive dynamics of the markets in which we compete; customer
cancellations and rate of churn; impact of current economic climate and
adverse credit markets on our target customers; our ability to scale our
business; our reliance on infrastructure of third-party network services
providers; risk of failure in our physical infrastructure; risk failure
of our software; our ability to maintain the compatibility of our
software with third-party applications and mobile platforms; continued
compliance with industry standards and regulatory requirements; the
amount and timing of costs associated with recruiting, training and
integrating new employees; introduction and adoption of our cloud
communications and collaboration services in markets outside of the
United States; and general economic conditions. For a discussion of such
risks and uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk Factors" in
the Company's reports on Forms 10-K and 10-Q, as well as other reports
that 8x8, Inc. files from time to time with the Securities and Exchange
Commission. All forward-looking statements are qualified in their
entirety by this cautionary statement, and 8x8, Inc. undertakes no
obligation to update publicly any forward-looking statement for any
reason, except as required by law, even as new information becomes
available or other events occur in the future.
About 8x8, Inc.
8x8, Inc. (NASDAQ:EGHT) is a provider of unified communications and
collaboration, or UCC, services in the cloud to small and medium
businesses, or SMBs, and mid-market and distributed enterprises. The
company delivers a broad suite of UCC services to in-office and mobile
devices spanning cloud business
phone service, virtual meeting, contact
center software and virtual desktop through our proprietary unified
software as a service, or SaaS, platform. For additional information,
visit www.8x8.com, or connect
with 8x8 on Google+, Facebook,
LinkedIn and Twitter.
8x8, Inc.
Joan Citelli, 408-654-0970
jcitelli@8x8.com
Source: 8x8
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