8x8 Boosts UC Capabilities, Acquires Voicenet
Cloud communications and collaboration solutions provider 8x8, Inc. has announced that it will be acquiring UK-based Voicenet Solutions for $18.4 million in cash. The transaction is set to close by the end of 2013.
The privately held Voicenet is a provider of cloud business telephony and communications services, including applications for fixed mobile convergence which lends the functionality of desktop business phone solutions to smartphones. Voicenet CEO Kevin Scott-Cowell says that the company has more than 1,000 business customers.
"The acquisition of Voicenet clearly demonstrates the execution of our international expansion strategy as well as our move upmarket," said Vik Verma, chief executive officer of 8x8. "With its existing operational footprint, team of highly skilled and dedicated employees, solid mid-market and distributed enterprise customer base, and outstanding reputation in the UK, Voicenet provides 8x8 with an excellent opportunity to replicate in Europe the successful, profitable SaaS communications and collaboration business we've built in North America. We view this expansion model as a key component of our Global Reach initiative and, including this acquisition, we continue to target non-GAAP net income as a percentage of revenue in the high single digit range."