UCaaS provider Crexendo has announced the company has officially closed a ongoing merger with NetSapiens.
The agreement was widely accepted by both companies, receiving 99% shareholder support from Crexendo shareholders, and 100% support from NetSapiens shareholders. As part of the transaction, Crexendo agreed to purchase the company for $10 million in cash, and another $40 million in common stock, for a grand total of roughly $50 million. The company also issued 3,097,309 of common stock at $6.19 per share, as well as 4,482,328 options under the Crexendo, Inc. 2021 Equity Incentive Plan.
“Today is a momentous day for Crexendo, NetSapiens, and our combined employees and our shareholders,” commented Steven G. Mihaylo, Chief Executive Officer of Crexendo. “We set out to build a truly great company. It has been an amazing journey building Crexendo to where it is today, but we truly believe we are at the start of an incredible new chapter in our growth.”
NetSapiens Co-Founder Anand Buch shared similar enthusiasm for the finalization of the merger, stating, “This is a very exciting day for the entire NetSapiens team. We have worked tirelessly to build NetSapiens to be the fastest growing UCaaS platform in the business. We knew that in order to keep growing market share we needed to find a partner who could help accelerate our growth. Crexendo proved to be the perfect partner, they share our passion for excellence, they share our desire to continue to improve our offerings and to keep providing services which are second to none to the NetSapiens community.
Join NetSapiens at ITEXPO from June 22-25 in Miami, Florida to learn more about the Crexendo deal, and how it's UCaaS platform can help your business grow.
Edited by Luke Bellos