Cloud communications provider Vonage has announced that it is to acquire iCore Networks, a provider of enterprise Unified Communications as a Service (UCaaS), for $92 million.
Vonage believes that the deal will create the broadest multichannel distribution platform in the industry, and the largest salesforce in the UCaaS market. iCore currently supports more than 85,000 customer seats and derives more than 60 per cent of its revenue from customers with 100 or more seats. Revenue churn is less than one per cent, it says.
“iCore is an excellent strategic fit and a natural complement to Vonage’s rapidly expanding UCaaS business,” said Vonage CEO Alan Masarek. “This acquisition will deepen our penetration at the higher end of the business market and further strengthen our industry leadership.
“iCore has a proven track record of delivering the innovative UCaaS solutions required by mid-market and enterprise companies, and has been particularly successful combining hosted communications with complementary cloud services to create a robust unified communications experience.”
Stephen G Canton, CEO, chairman and founder of iCore, said: “In less than two years, Vonage has become the fastest-growing provider of UCaaS solutions for business, and becoming part of Vonage will instantly put iCore at the forefront of this growth. I couldn’t be more excited that iCore’s employees and customers will now benefit from Vonage’s strength, scale, and leadership position in the industry.”
iCore offers a broad range of voice, video, mobile and collaboration services and uses the same BroadSoft BroadWorks call-processing platform as Vonage, easing integration for iCore’s customers.