AudioCodes Ltd. acquired Callverso ltd for $11 million.
November 15, 2021
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AudioCodes Ltd. (NasdaqGS:AUDC) acquired Callverso ltd on November 10, 2021. The consideration for this transaction will consist of cash plus an earn-out arrangement based on attaining certain sales targets over the next three years. Following the transaction, Callverso became a wholly owned subsidiary of AudioCodes.
AudioCodes Ltd. (NasdaqGS:AUDC) completed the acquisition of Callverso ltd for $11 million on November 10, 2021. The $3 million purchase price for the acquisition was composed of the following amounts: (i) a $2.9 million payment in cash payable on the Closing Date, of which $0.3 million was deposited in escrow for a period of 12 months following the Closing Date; and (ii) $0.1 million retained as security for any liabilities of Callverso as of the Closing, which was paid in January 2022. As part of the agreement, Company also agreed to pay maximum earn-out amount of $6 million to be paid over three years as follow: (i) up to $2 million payable on January 31, 2023 ,based on sales in 2022; (ii) up to $2 million is payable on January 31, 2024, based on sales in 2023; and (iii) up to $2 million is payable on January 31, 2025 , based on sales in 2024. In addition, the Company is required to pay an aggregate of $1 million after 12 months and an additional aggregate of $1 million after 24 months following the Closing Date to former shareholders of Callverso.
AudioCodes Ltd is an Israel-based software publisher. The Company provides communications software, end-to-end products and productivity solutions for the digital workplace. Company's solution's enables enterprises and service providers to build and operate all-IP voice networks for delivering unified communications, contact centers, and hosted business services, whether in the cloud or on premises. AudioCodes Ltd categorizes its products and services into three main business lines: Enterprise solution consists products and solutions designed to simplify the implementation of state-of the-art enterprise communications and contact center solutions; Service provider solutions consist high performance, versatile CPE devices deliver on-premises connectivity to cloud UC services and SIP trunks for business customers; Voice.ai category leverage the latest in voice recognition, AI and machine learning technologies to create voice-driven solutions. The Company servers its customer worldwide.