Benzinga | Mar 8, 2021 01:08PM EST

Crexendo Set To Acquire NetSapiens For $50M

* Cloud-based UCaaS communication service company Crexendo Inc (NASDAQ: CXDO) inked an agreement to acquire NetSapiens, Inc for $50 million.

* NetSapiens offers a complete suite of unified communications (UC), video conferencing, Collaboration & contact center solutions to over 190 service providers, servicing over 1.7 million global users.

* The purchase price will be settled via $10 million in cash and the remainder in stock. Crexendo will be issuing 6.46 million total shares and options for consideration.

* The transaction will be subject to approval by both Crexendo and NetSapiens shareholders.

* Crexendo could become a leading supplier with a rapidly growing global platform supporting over 1.7 million users, as per CEO Steven G. Mihaylo.

* Colliers Securities is the exclusive financial advisor to Crexendo in the transaction.

* Crexendo's cash and equivalents amounted to $15.5 million on September 30, 2020.

* Price action: CXDO shares are up 2.87% at $6.46 on the last check Monday.