The proceeds from the sale, along with cash on hand, will likely render AVCtechnologies debt-free and allow long-term value creation for its shareholders.
The move will help AVC Technologies transition to a pure-play cloud communications and collaboration company centered on its premium Kandy platform.
AVCtechnologies' Kandy platform is one of the largest pure-play providers of Unified Communications as a Service (UCaaS), Contact Center as a Service (CCaaS), Communications Platform as a Service (CPaaS), and Direct Routing as a Service (DRaaS) for enterprise customers.
Price Action: AVCT shares traded higher by 2.73% at $1.13 in the premarket session on the last check Friday.
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