PGi today announced that it has acquired Via-Vox Limited, trading under the name Powwownow for a cash purchase price of approximately $52.6 million USD, net of working capital. PGi funded the purchase through its credit facility and cash and equivalents on hand.
“Powwownow’s dominance in the SMB space in the U.K. makes it a valuable acquisition for PGi,” said Boland T. Jones, PGi founder, chairman and CEO. “The acquisition reinforces our strategy of expanding PGi’s customer base and identifying products that enhance our portfolio, while delivering meaningful revenue and earnings accretion that enable us to fund additional growth investments. Powwownow users will gain access to our award-winning web conferencing solutions, iMeet and GlobalMeet, to drive their businesses forward.”
The acquisition positions PGi as the second largest independent conferencing and collaboration provider in Europe.
“Powwownow’s unique brand and innovative approach to audio conferencing has yielded powerful growth in Europe, particularly in the U.K. With a maniacal customer acquisition strategy, amazing discipline in customer experience execution and a laser focus on the SMB market, this acquisition provides PGi with a growing brand and a captive audience for its iMeet and GlobalMeet web products,” said Marc Beattie, senior analyst, Wainhouse Research.
“Joining forces with PGi, one of the original innovators in the conferencing and collaboration industry worldwide, expands the scale, reach and service options available to Powwownow customers,” said Paul Lees, founder and CEO of Powwownow. “Powwownow brings PGi new go-to-market capabilities, including our brand awareness, small business marketing expertise and online infrastructure. We are thrilled to join the PGi family.”