Ericsson buying Vonage for USD 6.2 billion

Ericsson buying Vonage for USD 6.2 billion

Networking and telecommunications company Ericsson announced it is buying cloud-based communications company Vonage for USD 6.2 billion. Ericsson said the transaction builds upon the company’s intent to expand globally in wireless enterprise.

Börje Ekholm, President and CEO of Ericsson, says: “The core of our strategy is to build leading mobile networks through technology leadership. This provides the foundation to build an enterprise business. The acquisition of Vonage is the next step in delivering on that strategic priority. Vonage gives us a platform to help our customers monetize the investments in the network, benefitting developers and businesses.”

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Rory Read, CEO of Vonage, says: “Ericsson and Vonage have a shared ambition to accelerate our long-term growth strategy. The convergence of the internet, mobility, the cloud and powerful 5G networks are forming the digital transformation and intelligent communications wave, which is driving a secular change in the way businesses operate.”

Vonage reported sales of USD 1.4 billion in the 12-month period to 30 September 2021, and over the same period, adjusted EBITDA margin of 14% and free cash flow of USD 109 million.

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