- Network services provider Swoop (SWP) is set to acquire Sydney-based wholesale voice service provider VoiceHub for $6 million
- Operating in Australia and New Zealand, VoiceHub provides traditional voice services, unified communications, SMS messaging and virtual numbers
- The $6 million consists of $4 million in cash and $2 million worth of Swoop shares issued at the 30-day volume-weighted average price
- The acquisition is subject to obtaining consent regarding the change of control and VoiceHub employees entering new employment agreements
- Swoop ends the day 7.69 per cent in the green with shares trading at $2.10
Network services provider Swoop (SWP) is set to acquire Sydney-based wholesale voice service provider VoiceHub for $6 million.
Operating in Australia and New Zealand, VoiceHub provides traditional voice services, unified communications, virtual numbers, SMS messaging solutions and advanced intelligent networking.
The $6 million consists of $4 million in cash and $2 million worth of Swoop shares issued at the 30-day volume-weighted average price.
Additionally, an earn-out of up to $2.5 million is payable based on VoiceHub’s earnings before interest, taxes, depreciation and amortisation of FY22.
The acquisition is subject to customary conditions including obtaining consent regarding the change of control and VoiceHub employees entering new employment agreements satisfactory to Swoop.
Completion of the acquisition is expected to occur on October 31, 2021.
CEO Alex West commented on the acquisition said the acquisition provides the company to further expand its range of services.
“VoiceHub has invested significantly in upgrading operations and automation technology; and gives us a strong springboard for continued growth in this market,” he said.
“We look forward to the opportunities this acquisition provides in establishing strong voice services capability across our business brand where unified voice and conference collaboration tools are becoming increasingly important to run any business, whilst also providing further infrastructure to support our large partner channel.”
Swoop has ended the day 7.69 per cent in the green, with shares trading at $2.10 in a $377 million market cap.