PRESS RELEASE — Vonage Holdings Corp. (NYSE: VG) (“the Company”), a leading provider of cloud communications services for businesses and consumers, has completed the acquisition of iCore Networks, Inc. (“iCore”), a premier provider of Unified Communications-as-a-Service (UCaaS) for businesses.
“We are excited to complete the iCore acquisition, which represents another important step in the execution of our growth strategy and further positions Vonage as a leader in the UCaaS market,” said Alan Masarek, Vonage Chief Executive Officer. “iCore is a natural complement to Vonage’s rapidly growing UCaaS business and strengthens the Company’s national footprint. iCore is particularly successful in serving mid-market and enterprise customers, with more than 60% of its revenue derived from customers with 100 or more seats.”
Mr. Masarek continued, “We have built a strong foundation from which to grow the business organically and through the successful execution of value-enhancing acquisitions. We are well positioned to efficiently integrate the iCore operations into the Vonage platform and achieve the expected synergies. We expect a smooth customer transition since Vonage and iCore share a common underlying technology platform. We also look forward to enhancing the iCore customer experience through Vonage’s award-winning customer service, provisioning expertise, national MPLS network, and dedicated focus on innovation.”
iCore is a leading provider of Broadsoft-based and Microsoft Lync UCaaS solutions, as well as complementary desktop cloud services, including Infrastructure as a Service (IaaS), virtual desktop, and hosted Microsoft Exchange. These capabilities will enable Vonage to better meet the varying needs of its existing customers, as well as expand into new customer opportunities.
Vonage paid $92 million for iCore, funded through cash from the Company’s balance sheet and from its revolving credit facility.
Vonage (NYSE: VG) is a leading provider of cloud communications services for businesses and consumers. The Company provides a robust suite of feature-rich business and residential communication solutions that offer flexibility, portability and ease-of-use across multiple devices designed to meet the needs of a wide range of customers. Vonage’s portfolio of business products covers the full spectrum of business communications needs, serving single-person companies to those with thousands of employees spread over multiple locations. Vonage provides bring-your-own-broadband (BYOB) cloud products and those that offer carrier-grade reliability and Quality of Service (QoS) across BYOB options and the Company’s private, national MPLS IP network. For more information, visit www.vonage.com.