stock just getting started. PGi Acquires ACT Conferencing
PGi and ACT Combine to Form the World's Largest Pure Play Collaboration Provider
ATLANTA, Sept. 4, 2013 /PRNewswire via COMTEX/ -- PGi PGI -2.04% , a global leader in collaboration and virtual meetings for over 20 years, today announced that it has acquired ACT Teleconferencing, Inc., a global provider of integrated conferencing solutions, for a cash purchase price of approximately $44 million, net of working capital. PGi funded the purchase through its recently increased credit facility and cash and equivalents on hand.
"Both PGi and ACT Conferencing are trusted by the world's largest, most discriminating brands for their business-critical collaboration needs. Our companies share a complementary global footprint and a common legacy of industry leadership that spans decades," said Boland T. Jones, PGi founder, chairman and CEO. "Our acquisition of ACT Conferencing reinforces PGi as the clear choice for companies looking for innovative collaboration solutions to increase their productivity, accelerate sales and improve their overall business results."
Known for its operational excellence and world-class service quality, ACT Conferencing has been providing audio, video and web collaboration solutions for over 20 years. ACT Conferencing has operations in eight countries across North America, Europe and Asia Pacific, with a current projected annual revenue run-rate of approximately $45 million.
"We are excited to join forces with PGi, a company that shares our culture and commitment to delighting users," said Peter Salas, ACT Conferencing chairman and CEO. "Our customers will have the opportunity to improve their businesses with PGi's award-winning web conferencing solutions, GlobalMeet® and iMeet®, and its industry-leading global IP audio network, while continuing to enjoy the outstanding service quality and customer care they are accustomed to."