|By Marketwired .||
|November 30, 2016 01:53 PM EST|
MARKHAM, ONTARIO -- (Marketwired) -- 11/30/16 -- Sangoma Technologies Corporation (TSX VENTURE: STC), a leading provider of hardware and software components that enable or enhance IP Communications Systems for both voice and data, today announced the acquisition of the Telecom Assets of Micro Advantage Inc. effective December 1, 2016.
Micro Advantage Inc, based in Cleveland, is a Hosted Telecom and IT provider in the Ohio area, that provides a range of services including a Cloud PBX offering based upon Sangoma's products and technology.
"Sangoma is very pleased that our long time partner, Micro Advantage Inc., has decided to join forces and bring its telecom customers to Sangoma. We look forward to welcoming all the Micro Advantage Cloud PBX clients to Sangoma and providing them with the exciting new capabilities and 24/7 redundant cloud-based network of our PBXact Unified Cloud Communications solution," said Tony Lewis, VP and General Manager Sangoma US. Lewis continued, "The cutover will be seamless to all customers, who will initially see just a name change on their bills and who will then be transitioned over the next couple of months to Sangoma's cloud service and infrastructure. And while this may not be a huge transaction for Sangoma, it is indeed strategically important, as it further accelerates our cloud-based sales, adds significant customer relationships with contracted terms, and offers us very talented new staff to help our company with the increasingly critical nature of network operations and support."
Sangoma has worked very hard over the past few years to round out its product offering, expanding from a single product company to one with a broad portfolio of products for business telecom needs. That portfolio now includes full solutions that meet all the Unified Communications need of a business customer, including connectivity products (such as gateways/SBC's/telephony cards) to connect to the network of choice, the UC capable PBX itself, a full range of IP phones, and SIP trunking. These solutions are available in both on-premise and cloud-based versions. Sangoma is focusing on adding more recurring revenue to its business, and cloud based services are a key element of that strategy, as more and more customers choose to have their business communications provided to them in a CaaS (communications as a service) model. As the company has previously indicated, the growth of its PBXact Cloud service may be bolstered through prudent acquisitions and this is the first example.
"The need to provide ever more complicated solutions to our customers was becoming difficult to manage for a small company with limited resources, so myself and the team here are delighted to be joining the Sangoma family, such that our customers will now get the benefit of a larger organization with more resources, the latest technology, and robust infrastructure," said Scott Holtzman, CTO at Micro Advantage. "I am really excited to take on the responsibility of managing the network operations underpinning not just the Micro Advantage customers, but now all of Sangoma's cloud based customers as well, including our hosted offerings of SIP trunks, fax solutions and cloud PBX. Since Micro Advantage already uses Sangoma's equipment to provide our hosted service, our customers will be seemlessly brought onto Sangoma's 24/7 infrastructure and benefit from the highest possible quality of service."
Full financial details of the transaction will be announced as required, but Sangoma paid initial consideration of US$350,000 and has entered into retention and earn-out arrangements for contingent consideration of up to a further US$300,000. The acquisition will be accretive to earnings immediately.
About Sangoma Technologies Corporation
Sangoma is a leading provider of hardware and software products that enable or enhance IP Communications Systems for both telecom and datacom applications. Enterprises, SMBs and Carriers in over 150 countries rely on Sangoma's technology as part of their mission critical infrastructures. Through its worldwide network of Distribution Partners, Sangoma delivers the industry's best engineered, highest quality products, and offers the industry's first lifetime warranty. The product line includes data and telecom boards for media and signal processing as well as gateway appliances and software.
Founded in 1984, Sangoma Technologies Corporation is publicly traded on the TSX Venture Exchange (TSX VENTURE: STC). Additional information on Sangoma can be found at: www.sangoma.com.
Asterisk® is a trademark of Digium, Inc. FreePBX is a trademark of Sangoma Technologies.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the future success of our business, development strategies and future opportunities.
Forward-looking statements include, but are not limited to, statements concerning estimates of expected expenditures, statements relating to expected future production and cash flows, and other statements which are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions indicate forward-looking statements.
Although Sangoma believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date that the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in forward-looking statements. Sangoma undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by law.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will not occur. Although Sangoma believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct as these expectations are inherently subject to business, economic and competitive uncertainties and contingencies. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in the management's discussion and analysis include, but are not limited to changes in exchange rate between the Canadian Dollar and other currencies, changes in technology, changes in the business climate, changes in the regulatory environment, the decline in the importance of the PSTN and new competitive pressures. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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