Crexendo Announces Closure of NetSapiens Merger

About this update from Crexendo, Inc.

[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / June 1, 2021 / Crexendo, Inc. (NASDAQ:CXDO) an award-winning premier provider of cloud communications, UCaaS (Unified Communications as a Service), call center, collaboration services, and other cloud business services that are designed to provide enterprise-class cloud services to any size business at affordable monthly rates, today announced that it has closed its previously announced merger with NetSapiens, Inc. The merger was supported by over 99% of voting Crexendo shareholders and 100% of the NetSapiens shareholders. The transaction was valued at approximately $50 million, consisting of $10 million in cash, and approximately $40 million in common stock and stock options. In connection with the closing of the Merger, the Company issued 3,097,309 shares of the Company's common stock valued at $6.19 per share for common stock consideration of approximately $19.2 million, and 4,482,328 options under the Crexendo, Inc. 2021 Equity Incentive Plan with an aggregate value of $22.1 million, net of the aggregate exercise price of $5.6 million.NetSapiens is an award-winning, patented cloud-native communications platform delivered via a high availability, multi-tenant solution that can be consumed however the service providers prefer, in their cloud or the NetSapiens cloud, on a subscription or a purchase model. NetSapiens maintains a portfolio of cloud-native solutions, including its flagship SNAPsolution platform and its award winning SnapHD video collaboration solution. NetSapiens was recently spotlighted in Frost & Sullivan's UCaaS (Unified Communications as a Service) report as the third-party platform vendor with the fastest growth rate in the North American market and the #4 ranked provider of UCaaS seats in North America. NetSapiens platform currently supports over 1.7 million end users.Steven G. Mihaylo, Chief Executive Officer commented \"Today is a momentous day for Crexendo, NetSapiens, and our combined employees and our shareholders. We set out to build a truly great company, it has been an amazing journey building Crexendo to where it is today, but we truly believe we are at the start of an incredible new chapter in our growth. We have been very effective in our commitments and strategy to grow the Company, we were able to achieve profitability, we were able to organically up-list to Nasdaq, we...

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