Business
Bandwidth Completes Acquisition of International Cloud Communications Leader Voxbone
RALEIGH, N.C. and LONDON, Nov. 2, 2020 /PRNewswire/ -- Bandwidth (NASDAQ: BAND), a leading enterprise cloud communications company, successfully completed the
About this update from Bandwidth Inc.
[{"type":"text","content":"RALEIGH, N.C. and LONDON, Nov. 2, 2020 /PRNewswire/ -- Bandwidth (NASDAQ: BAND), a leading enterprise cloud communications company, successfully completed the transaction to acquire Voxbone, an international enterprise cloud communications leader, for an enterprise value of €446 million EUR (approximately $519.4 million USD). The consideration to Voxbone shareholders consisted of cash in the amount of approximately €354.6 million EUR (approximately $413 million USD) with the remainder being paid in 663,394 shares of Bandwidth Class A common stock (approximately €91.3 million EUR or approximately $106.4 million USD). \nThe deal was originally announced on October 12, 2020 and accelerates Bandwidth's international strategy by several years, giving the company a footprint in 60+ countries, representing 93% of the world's GDP. \nVoxbone will operate under the Bandwidth brand.\n\"We are thrilled to welcome Voxbone who are officially joining us on our mission to develop and deliver the power to communicate, now around the globe,\" said David Morken, Chief Executive Officer of Bandwidth. \"We will harness a shared set of values and incredible chemistry between the teams to serve customers worldwide. Our customers are eager to benefit from our cloud communications platforms powered by a modern network, giving them the quality, control and scale they need to succeed.\" \nTogether this combination will provide global enterprises:\nA unified software platform and network for the rapid launch and hyper-scale of communications applications and experiences; Expanded SIP and E911 (emergency services) integrations for BYOC with Zoom Phone, Microsoft Teams, Genesys, and more; Software-enabled migrations for faster, easier deployments, and customized call routing control; and UCaaS and CCaaS partnerships that enable real-time number porting and instant rollback if needed.\"As a customer of both Bandwidth and Voxbone, we are excited for two of the leading CPaaS companies to come together, strengthening their ability to serve global customers like Zoom,\" said Graeme Geddes, Head of Zoom Phone & Rooms. \"They've played an important role in the success of our offering to date and the combined company should be instrumental as we continue to scale and expand our business to meet the needs of our customers and the global community with Zoom Phone as a...