HOLMDEL, N.J., Nov. 5, 2014 /PRNewswire/ -- Vonage Holdings Corp. (NYSE: VG) has entered into a definitive agreement to acquire privately-held Telesphere Networks Ltd., an industry-leading provider of Unified Communications-as-a-Service (UCaaS) solutions to larger enterprises in the small and medium business (SMB) sector, for $114 million in cash and stock.
Telesphere offers a comprehensive suite of cloud voice and UCaaS services, including advanced call center solutions, collaboration, mobile office and HD multi-point video conferencing. Telesphere has provided cloud communications since 2006 and has built a national, cloud platform that is especially well suited to address the needs of larger SMBs with regionally distributed offices.
"A year after Vonage moved into the rapidly growing UCaaS market, we are substantially expanding our presence within the sector through the Telesphere acquisition. This is an important next step in the continued execution of the Company's long-term growth strategy," said Marc Lefar, Chief Executive Officer of Vonage. "As we have demonstrated, the use of Vonage's scale, brand, balance sheet and cash generation to invest in the acquisition of growth businesses has been very successful. Vonage Business Solutions' annual revenue growth has accelerated from 38% to 52% in a year, and we are confident in our ability to accelerate growth at Telesphere as we bring it under the Vonage umbrella."