Crexendo Set To Acquire NetSapiens For $50M
- Cloud-based UCaaS communication service company Crexendo Inc (NASDAQ: CXDO) inked an agreement to acquire NetSapiens, Inc for $50 million.
- NetSapiens offers a complete suite of unified communications (UC), video conferencing, Collaboration & contact center solutions to over 190 service providers, servicing over 1.7 million global users.
- The purchase price will be settled via $10 million in cash and the remainder in stock. Crexendo will be issuing 6.46 million total shares and options for consideration.
- The transaction will be subject to approval by both Crexendo and NetSapiens shareholders.
- Crexendo could become a leading supplier with a rapidly growing global platform supporting over 1.7 million users, as per CEO Steven G. Mihaylo.
- Colliers Securities is the exclusive financial advisor to Crexendo in the transaction.
- Crexendo’s cash and equivalents amounted to $15.5 million on September 30, 2020.
- Price action: CXDO shares are up 2.87% at $6.46 on the last check Monday.
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