Conferencing and UC provider Arkadin soon will have a new majority owner.
Japan’s NTT Communications Corp., which goes by NTT Com, said on Monday it’s buying a stake of up to 91.2 percent in France-based Arkadin.
AXA Private Equity and angel investing firm Friends & Family are selling their stakes to NTT Com. The move seems unusual for AXA, which only bought its portion a little more than a year ago. In general, private equity companies hold on to their investments for five to seven years. But AXA said Arkadin has shown double-digit revenue growth in the past year and that NTT Com’s offer came at the right time.
I suppose NTT had the same idea as us the growth and the international strategy really fit with their strategy," François Jerphagnon, a managing director at Axa Private Equity, told Dow Jones Newswires. "Thats why they knocked on the door. The only golden rule is to be flexible and listen to the voice of management. Their view was that we had contributed even if it was a short time.”
Arkadin management will keep an 8.8 percent stake, Dow Jones Newswires reported.
NTT Com’s Toru Maruoka, senior vice president of voice and video, said buying Arkadin "reaffirms its ambition to develop services in the collaboration business for all of its partners and clients across the world."
The deal must gain the approval of various antitrust authorities before it closes. NTT Com did not reveal how much it is paying for its stake in Arkadin; Arkadin is valued at approximately $463 million, AXA told Dow Jones Newswires. Arkadin serves approximately 37,000 customers in 32 countries.