8x8 To Buy Privately-held Voicenet Solutions For $18.4 Mln In Cash - Quick Facts

(RTTNews) - 8x8 Inc. (EGHT), a provider of cloud communications and collaboration solutions to more than 35,000 business customers, announced Monday that it agreed to acquire privately-held Voicenet Solutions, a provider of cloud business telephony and communications services in the United Kingdom, for $18.4 million in cash.

The transaction is subject to customary closing conditions and is expected to close before the end of the calendar year.

"We view this expansion model as a key component of our Global Reach initiative and, including this acquisition, we continue to target non-GAAP net income as a percentage of revenue in the high single digit range." said Vik Verma, Chief Executive Officer of 8x8.

In a separate press lease, 8x8 announced a public offering of 12.50 million shares of its common stock. In addition, 8x8 expects to grant the underwriters an option to purchase up to an additional 1.88 million shares. It said it will receive all of the proceeds from the Offering.

BofA Merrill Lynch, Barclays, and Deutsche Bank Securities are acting as joint book-running managers and the representatives of the underwriters for the Offering. Needham & Company, Craig-Hallum Capital Group, and Dougherty & Company are acting as co-managers of the Offering.