STOCKHOLM, Sweden (AFP) – Ericsson announced Monday the acquisition of Vonage, a US cloud-based communications service, in the Swedish company’s largest acquisition in recent memory as it expands its activities beyond its conventional telecoms equipment sector.
According to the business, the 6.2 billion (5.5 billion euros) purchase is part of Ericsson’s ambition to extend its footprint in wireless enterprise and widen its worldwide services.
Vonage’s board of directors unanimously authorised the offer, according to the company.
Ericsson is one of the world’s largest telecom equipment manufacturers, competing with China’s Huawei and Finland’s Nokia in areas such as 5G networks.
The offer, at 21 dollars a share, represents a 28% premium over Vonage’s Friday closing price on the tech-heavy Nasdaq stock exchange.
Vonage, which was founded in 2001, provides IP voice telephony and has recently built a cloud-based communications platform.
The firm has 120,000 clients and provides one million developers with access to its API interface, which accounts for 80% of its $1.4 billion in yearly sales.
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