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8x8 Inc Enters Into Share Purchase Agreement With The Shareholders And Optionholders Of Voicenet Solutions Limited-Form 8-K

Wednesday, 13 Nov 2013 06:02am EST 

8x8 Inc reported in its Form 8-K that on November 11, 2013, the Company entered into a share purchase agreement with the shareholders and optionholders of Voicenet Solutions Limited (Voicenet), a provider of cloud communications and collaboration services in the United Kingdom (the Transaction). The agreement provides for 8x8 to purchase all of the shares of Voicenet for approximately $18.4 million in cash, of which approximately $15.4 million would be paid at closing and the remaining $3.0 million would be placed in escrow and eligible for release to the Voicenet shareholders and optionholders in installments on the first and second anniversaries of the closing date. The shares of Voicenet would be acquired and held by a wholly-owned subsidiary of 8x8 recently formed in the United Kingdom, such that Voicenet would become an indirect, wholly-owned subsidiary of 8x8 upon the closing of the Transaction. The Transaction is expected to close by the end of the current fiscal quarter and is subject to customary closing conditions. 

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