#contactcenterworld, @sangoma, @star2star
Markham, ON, Canada, Feb, 2021 -- Sangoma Technologies Corporation ("Sangoma") (TSXV: STC), a provider in delivering cloud-based Communications-as-a-Service ("CaaS") solutions, announced it has entered into a stock purchase agreement dated January 29, 2021 (the "Agreement") to acquire StarBlue Inc. (dba Star2Star Communications, herein "Star2Star").
The transaction will be subject to approval by Sangoma shareholders at a special meeting of shareholders expected to be held in late March or early April 2021 (the "Special Meeting"), with closing expected to occur shortly thereafter.
"Customers today are demanding an integrated buying experience for all their communications needs and the combination of Sangoma and Star2Star will satisfy that need with the broadest set of cloud-native CaaS and related solutions in the industry," said Bill Wignall, President and CEO of Sangoma. "This transaction ensures we can meet any customer’s preference, be it for purely cloud solutions, or for on-premise deployments, or a hybrid combination, all the way from small businesses to large enterprises. For many years, we have consciously pursued a strategy to transform Sangoma from a product business to one of the communications industry’s leading SaaS companies. This deal is incredibly exciting not only because it will generate scale in a growing, consolidating space, but also because by combining with Star2Star we will have completed our long-term evolution into a leading cloud services company, one with annual revenue approaching $250 million."
"We are thrilled to combine forces with Sangoma because we have so many complementary strengths," said Norman Worthington, founder and CEO at Star2Star. "Sangoma was the perfect fit for us because they identified and appreciated our talented team, loyal customers and unique go to market approach. Star2Star has a differentiated channel approach, employing over 650 active partners across multiple types of channels, from resellers and interconnects, to managed services providers and enterprise technology partners to wholesale and white label distributors. Finally, I’ve come to genuinely appreciate Bill’s vision for our combined companies. We share a view on how to profitably grow in this exciting market, a viewpoint that’s unique in our industry."
The Acquisition is an arms-length transaction and will result in the creation of a new "Control Person" of Sangoma pursuant to the policies of the Exchange and pursuant to those policies, the Acquisition is subject to the approval of shareholders at the Special Meeting. Also pursuant to the policies of the Exchange, the Acquisition is a "Reviewable Transaction" and according to such policies, the common shares of Sangoma will be halted from trading on the Exchange pending receipt and review by the Exchange of acceptable documentation regarding the Acquisition.
Bill Wignall will remain as President and CEO of Sangoma upon closing of the Acquisition. The resulting Sangoma board of directors (the "Board") shall consist of five directors, with Norman Worthington becoming Chairman of Sangoma and with NewSpring Capital, an institutional investor in Star2Star, entitled to appoint one member to Sangoma’s Board.
Board of Directors’ Approval and Recommendation
After careful consideration, Sangoma’s Board has unanimously approved the Agreement and Acquisition after consultation with its financial and legal advisors and unanimously recommends that its shareholders vote in favour of the Acquisition and the resulting creation of a new Control Person. The recommendation of Sangoma’s Board is based on various factors that will be described more fully in the management information circular (the "Circular") to be delivered to Sangoma shareholders in connection with the Special Meeting.
#contactcenterworld, @sangoma, @star2star
Veronica Silva Cusi, news correspondent
Source: https://www.globenewswire.com
About Sangoma:
Founded in 1984, Sangoma Technologies Corporation is a provider of connectivity hardware and software products for telephony and wide area network solutions. The company develops and manufactures voice and data communication products including the series of Advanced Flexible Telecommunications (AFT) PCI cards. Sangoma Technologies Corporation is publicly traded on the TSX Venture Exchange (TSXV: STC - News).
About Star2Star Communications:
Founded in 2006 in Sarasota, Florida, Star2Star Communications delivers the World’s Most Complete and Scalable Cloud Communications Solution. Star2Star unifies customers’ voice, video, fax, instant messaging and presence management into a single, easy-to-use system. Star2Star’s award-winning, patent-pending Constellation™ Network overcomes the reliability and quality limitations of other communications technologies.
Published: Tuesday, February 2, 2021
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