MNF, which includes MyNetFone and Symbio Networks among its group of companies, has entered into an agreement to acquire CCI which it says is Australia’s largest independent conferencing and collaboration provider.
MNF (ASX:MNF) is funding the deal by raising $18.6 million through a heavily oversubscribed placement of 4.13 million shares to institutional and sophisticated investors at $4.50 per share.
MNF Group chief executive Rene Sugo said the acquisition of CCI provides MNF a “significant entry into the audio conferencing and collaboration market in Australia and the region”.
“These applications are an excellent fit with the current MNF business, enterprise and government sub-segment, as well as a high-value synergy with the groups' domestic and global network assets.”
Sugo said MNF already provides enablement, networking and numbering services to most of the leading global audio conferencing and collaboration companies under the group’s Domestic Wholesale and Global Wholesale segments.
CCI operates in the audio conferencing and collaboration space in the Australian market with three well established brands – Express Virtual Meetings, Eureka Conferencing and Ozlink.
Sugo said CCI’s scalable audio conferencing service platform offers 50% available capacity for growth, and the state-of-the-art collaboration platform is supported by systems and processes to allow for rapid growth into the rapidly emerging audio/desktop/video collaboration market.
The acquisition is scheduled to complete on 10 February.