8×8, Inc., a provider of cloud-based voice, video, chat and contact centre solutions, has announced the acquisition of Singapore-based Wavecell, a communications platform-as-a-service (CPaaS) provider, for approximately US$125 million in a cash-and-stock deal.
The deal comprises approximately US$69 million in cash and US$56 million in 8×8 common stock, of which US$12 million of common stock is subject to certain vesting restrictions over a three-year period.
As per a press note, the acquisition allows 8×8 to have an established technology platform to pursue CPaaS globally and expand the its cloud business from Unified Communications-as-a-Service (UCaaS), Contact Center-as-a-Service (CCaaS), and Video into the CPaaS market in Singapore, Indonesia, the Philippines, Thailand, and Hong Kong.
With this acquisition, Wavecell is expected to accelerate 8×8’s growth, expand its international presence, and deepen the company’s technology capabilities with an R&D centre.
“8×8 is now the only cloud provider that owns the cloud-native, technology stack offering voice, video, messaging, and contact center delivered both as pre-packaged applications and as enterprise-class APIs. By bringing Wavecell into our family, we now have a significant market presence in Asia and expect to continue to expand in the region and globally in order to meet evolving customer requirements,” said Vik Verma, CEO of 8×8, Inc.
Currently, Wavecell’s customers include more than 500 enterprise customers, such as Paidy, Lalamove, and Tokopedia.