Crexendo Set To Acquire NetSapiens For $50M

Cloud-based UCaaS communication service company Crexendo Inc (NASDAQ: CXDO) inked an agreement to acquire NetSapiens, Inc for $50 million.
NetSapiens offers a complete suite of unified communications (UC), video conferencing, Collaboration & contact center solutions to over 190 service providers, servicing over 1.7 million global users.
The purchase price will be settled via $10 million in cash and the remainder in stock. Crexendo will be issuing 6.46 million total shares and options for consideration.
The transaction will be subject to approval by both Crexendo and NetSapiens shareholders.
Crexendo could become a leading supplier with a rapidly growing global platform supporting over 1.7 million users, as per CEO Steven G. Mihaylo.
Colliers Securities is the exclusive financial advisor to Crexendo in the transaction.
Crexendo’s cash and equivalents amounted to $15.5 million on September 30, 2020.
Price action: CXDO shares are up 2.87% at $6.46 on the last check Monday.