American Virtual Cloud (AVCT) and Ribbon communications today announced that they have entered into a definitive agreement for AVCTechnologies to acquire Kandy Communications an industry-leading proprietary, multi-tenant, highly scalable cloud communications platform, from Ribbon, in an all-stock transaction.
The proposed acquisition combines AVCtechnologies’ 30+ years of experience delivering exceptional white-glove customer service to enterprise customers across a range of managed IT solutions with Kandy’s pure-play, industry-leading, proprietary UCaaS, CPaaS, and CCaaS platform to provide a best-in-class, end-to-end communication experience for channel partners, their customers and end users.
The proposed acquisition integrates the 30 + years of expertise with Kandy ‘s pure-spiel, industry-leading, proprietary UCaaS, CPaaS, and CCaaS platform to offer company customers an outstanding white-guy customer support across a variety of controlled IT solutions, offering a high-quality, end-to – end connectivity experience for channel partners, consumers and end users.
We are delighted to announce the acquisition of Kandy, which is a major step in strengthening our ability to deliver a comprehensive set of cloud solutions and managed services offerings to our customers. We are extremely fortunate to be able to acquire Kandy, which has built one of the most impressive and advanced cloud communication platforms in the world.
Darrel J. Mays, CEO at AVCTechnologies
The chief operating officer goes on to say;
This acquisition significantly accelerates our growth strategy and vision to become a leading provider in the large and fast-growing cloud communications industry while increasing our penetration into global medium-sized and large enterprise clients.
Graham McGonigal, COO at AVCTechnologies
Established in 2014, Kandy is a regional provider of complicated and highly scalable Cloud-Platform UCaaS, CPaaS and CCaaS applications for mid-market and enterprise customers. The Kandy framework also provides pre-built webRTC user engagement tools known as Kandy Wrappers, as well as white-labeled services to a wide variety of clients, including communications and network providers.
Kandy was developed to help the organization in cloud adoption, embracing agile innovation and allowing programmable communications to cut costs , improve productivity and boost revenues. Communication with Kandy is becoming more immediate and contextual resulting in better business outcomes.
Upon closing, the senior leadership team of Kandy and its personnel, composed of talented business and technology professionals, are expected to join AVCtechnologies.
Under the agreement, AVCtechnologies will issue thirteen million shares of its common stock to Ribbon Communications. The transaction is expected to close in the second half of 2020 and is subject to standard regulatory review and receipt of the approval of AVCtechnologies’ stockholders, AVCtechnologies’ completion of an equity offering, as well as other customary closing conditions.
Truist Securities, Inc. is serving as sole financial advisor and Greenberg Traurig LLP is serving as legal counsel to AVCtechnologies. Q Advisors is serving as sole financial advisor and Latham & Watkins LLP is serving as legal counsel to Ribbon.
