Communications provider MNF Group is to acquire Conference Call International (CCI), Australia's largest independent conferencing and collaboration provider.
MNF - the parent company of VoIP providers MyNetFone, Connexus, CallStream, PennyTel and The Buzz as well as VoIP wholesaler Symbio Networks and 13/1800 provider CallStream - is paying $18 million to acquire CCI, which provides multi-party audio conferencing and collaboration services to 5,000 business and enterprise customers in Australia, New Zealand and the Asia Pacific region, including many of Australia's top 500 enterprises.
CCI operates under the Express Virtual Meetings, Eureka Conferencing and Ozlink brands.
“The acquisition of CCI provides MNF a significant entry into the audio conferencing and collaboration market in Australia and the region. These applications have the potential for consistent long term growth and innovation potential,” said MNF CEO Rene Sugo.
{loadposition stephen08}“These applications are an excellent fit with the current MNF Business, Enterprise and Government sub-segment, as well as a high value synergy with the groups domestic and global network assets.”
The deal has been funded by raising $18.6 million from the placement of 4.13 million shares to institutional and sophisticated investors.
The acquisition of CCI by MNF is expected to complete on 10 February 2017 providing the customary conditions are met.