Vonage closes on $130M acquisition of Vocalocity
Vonage has closed on its $130 million acquisition of fellow cloud-based communications company Vocalocity Inc.
The deal, announced last month, includes $105 million in cash and $25 million in Vonage stock. It increases Vonage's presence in the small- and medium-sized business market.
Privately held Vocalocity focuses on companies with 20 or fewer employees, which represents more than 60 percent of the small and medium business market. Vocalocity's CEO Wain Kellum is now president of Vonage Business Solutions, a new brand that will market to small- and medium-sized businesses.
Shares of Vonage Holdings Corp., based in Holmdel, N.J., were flat at $3.28 in Monday morning trading. The stock is up 39 percent since the start of the year.