Infobip purchases VoIP provider Peerless Network
Published : Saturday, 6 November, 2021 at 8:21 PM Count : 459
Infobip Group, a cloud communications platform company, and leader in CPaaSsolutions, announced that it has entered into a definitive agreement with global VoIP provider Peerless Network, marking its fourth acquisition in under a year.
The transaction is expected to complete upon receipt of regulatory approvals in 2022 and will be financed with a combination of Infobip shares and cash. Peerless Network management will roll parts of its holdings into Infobip. The deal extends Infobip’s voice presence in the US and makes its world class suite ofCPaaSproducts available to Peerless customers, driving high quality conversation across the entire customer journey.
The growing vast global reach has been helping Infobip to ensure a robust local presence in Bangladesh since 2015. Infobip has already been serving the Bangladesh market with voice and other major CPaaS products besides SaaS solutions.
Launched in 2008, the Peerless Network portfolio delivers a robust suite of cutting-edge voice, UCaaS, SIPTrunking, Messaging, APIs, MS Teams integration, and other collaboration products and services.
With its own nationwide voice network, Peerless Network is trusted by enterprises, Fortune 500 companies, world-leading MNOs, MVNOs and IXCs, and the nation’s largestCLECs and VOIP Service Providers.
For more than a decade, Peerless Network has delivered the most agile, cost-effective, simple-to-deploy voice solutions, and unmatched customer service to meet work-from anywhere business needs. Covering 93% of the US population, it has more than 4,500 interconnections in 49 (US) states, processing 9 billion monthly minutes in over 200 markets.
The acquisition builds on Infobip’s ongoing investments and earlier acquisition of US messaging heavyweight OpenMarket which closed in December 2020.
Q1 2021 Revenue grew 55% y/y, a function of continued usage growth in its core business plus contribution from the $300m acquisition of OpenMarket. Other acquisitions include the developer Shift Conference franchise, purchased in April, and the world’s number one SMS firewall provider, Anam, in May 2021.
In September 2021, Infobip also secured, through direct loan placement, additional funding in the amount of $500m, advised by Morgan Stanley, andled by funds managed by the Credit Group of Ares Management Corporation, and funds and accounts managed by BlackRock. The direct loan placement puts Infobip alongside an exclusive group of high growth, high value technology companies, which utilised the same structure. This is Infobip’s second funding round, following One Equity Partner’s EUR 300m investment in H2 2020.
Silvio Kutić, CEO of Infobip said: “Today’s announcement accelerates our international growth strategy by several years. Financially, strategically, and operationally, this is very positive. The acquisition enables Infobip to continue to grow business in different countries in sync with Peerless Network’s strategy.”
In bringing together complementary solutions, the two companies will process 30 billion monthly customer interactions across the full range of communication channels, in more than 190 countries around the globe.