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BroadSoft Inc., the company whose Voice over IP software server is installed in hundreds of telecommunications networks, on Monday announced acquiring the assets of Adaption Technologies Ventures Ltd.
Adaption Technologies is a provider of hosted business VoIP solutions.
“Adding Adaption Technologies’ solutions to our cloud platform will allow our service provider customers to speed time-to-market and accelerate time-to-revenue for their branded Unified Communications solutions,” BroadSoft CEO Michael Tessler said in a statement.
Shares of BroadSoft on Tuesday surged 34.23 percent, closing at $37.45 one day after the company announced the purchase and revealed its second-quarter results.
In the quarter ending June 30, revenues increased 26 percent over the prior year to $40.5 million. BroadSoft said its new income decreased from $15.8 million, or 57 cents per diluted common share in the year-ago quarter to $2.4 million, or 8 cents.
For the entire year, BroadSoft is expected earnings (on a non-GAAP basis) of $1.30 to $1.40 per diluted common share on revenues of $162-$167 million. The company anticipates the Adaption Technologies acquisition will contribute $1.3 million to its revenues.
BroadSoft previously anticipated earnings of $1.22 to $1.32 a share, and analysts had forecast $1.24 in an average of 11 estimates compiled by Bloomberg.
"The big, one-stop-shop providers just can't keep up with this pace of change." goo.gl/fb/Ew3Lq2
March 22 2019 @ 20:35:09 UTC