VTech Holdings and Snom Technology AG have announced the two companies have entered into a binding definitive agreement under which VTech will acquire 100% share capital of Snom. The acquisition will be financed through internal resources.
“VoIP is the future of business communication and the industry is now transitioning to a cloud-based Unified Communications environment. As a pioneer in this field, Snom is constantly developing new and advanced IP technology solutions to meet the needs of businesses worldwide,” said C.H. Tong, President of VTech Telecommunications Limited. “The main synergies of the acquisition will be in hardware and software development, expanded market channels in VoIP telephony, and improvement in operational efficiency.”
“We are excited to be joining VTech which will support our continued focus on developing and supplying the best business telephones in the world,” said Andre Deloch, Chairman of the Supervisory Board of Snom. “The combination of VTech and Snom will strengthen the product portfolios and technological leadership of both companies in VoIP industry.”
The transaction is subject to the approval of the relevant regulatory authorities.