Acquisition Deepens 8x8 Portfolio with Innovative, Pure Cloud
Quality Management Solution and Expands Research & Development Resources
with Romania-Based Engineering Team
SAN JOSE, Calif.--(BUSINESS WIRE)--
8x8, Inc. (NASDAQ:EGHT), a leading provider of cloud-based unified
communications and contact center solutions, today announced it has
completed the acquisition of certain assets of privately held Quality
Software Corporation (QSC) and two affiliated companies. The acquisition
is expected to be neutral to 8x8's net income for the fiscal year
ending March 31, 2016, after excluding one-time costs associated with
the acquisition and amortization expenses.
The purchase price for QSC was $3 million in cash, of which $2.2 million
was paid at closing. 8x8 funded the aggregate cash purchase price from
its cash and investments.
With the acquisition of the QSC business, 8x8 expands its pure cloud
contact center portfolio to include innovative quality management
capabilities such as call recording, screen capture, live monitoring,
agent evaluations, speech transcription, reporting and detailed
analytics. QSC's Chief Executive Officer Ryan Morrissey joins 8x8 as
Senior Director of Product Strategy while the company's engineering team
remains in Romania to supplement and build upon existing R&D resources
in the United States and United Kingdom.
"We are very pleased to welcome Ryan and his colleagues to the 8x8
family," said 8x8 CEO Vik Verma. "This is an exciting time in 8x8's
history as we continue to build upon our innovative technology platform
and Global Reach® initiative while further strengthening our
capabilities for the mid-market and enterprise. Our new engineering
resources in Romania will be instrumental in helping 8x8 achieve its R&D
goals and maintain its leadership position in the cloud unified
communications and contact center markets."
8x8 also reported, in accordance with NASDAQ Listing Rule 5635(c)(4),
that employment inducement awards were granted to 83 new employees in
connection with the recent acquisitions of DXI Ltd. and the QSC
business. The employees received restrictive stock units for 203,065
shares of the company's common stock which will vest in equal annual
installments over four years, subject to the employee's continued
employment and other conditions.
About 8x8, Inc.
8x8, Inc. (NASDAQ:EGHT) is the trusted provider of secure and reliable
enterprise cloud communications solutions to more than 40,000 businesses
operating in over 40 countries across six continents. 8x8's
out-of-the-box cloud solutions replace traditional on-premises PBX
hardware and software-based systems with a flexible and scalable
Software as a Service (SaaS) alternative, encompassing cloud business
phone service, contact center solutions, and conferencing. For
additional information, visit www.8x8.com,
or www.8x8.com/UK or connect
with 8x8 on Google+, Facebook, LinkedIn and Twitter.
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, statements regarding the expected impact of
the described acquisition upon net income, as well as other 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 of 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, risks relating to our
strategies and objectives for future operations, including the execution
of integration plans and realization of the expected benefits of our
acquisitions, 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, compliance with international regulations, and
general economic conditions that could adversely affect our business and
operating results. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150618005411/en/
8x8, Inc.
Press Contact:
Jodi Guilbault, 415-987-4970
jguilbault@comcast.net
or
Investor
Contact:
Joan Citelli, 408-654-0970
Joan.citelli@8x8.com
Source: 8x8
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