<article>Wavecell, a Singapore-based communications platform-as-a-service (CPaaS) provider, has been acquired by NYSE-listed cloud provider 8&#215;8 for $125 million in a cash and stock deal.</article>

Wavecell, a Singapore-based communications platform-as-a-service (CPaaS) provider, has been acquired by NYSE-listed cloud provider 8&#215;8 for $125 million in a cash and stock deal.
According to a statement, the $125-million figure represents a less than 4x multiple of Wavecell&#8217;s 2019 revenue. It comprises $69 million in cash and $56 million in 8&#215;8 common stock, of which about $12 million of common stock is subject to certain vesting restrictions after a three-year period.
The purchase price was subject to customary adjustments, as well as holdback and escrow arrangements according to terms of the agreement.
Wavecell last raised an oversubscribed $8.2 million Series B round in 2017 from Wavemaker Partners, Qualgro VC and MDI Ventures, the corporate venture arm of Telkom Indonesia.
A statement on the 8&#215;8 acquisition said that the deal allows it to pursue CPaaS globally, and represents an expansion of 8&#215;8’s cloud business from Unified Communications-as-a-Service (UCaaS), Contact Center-as-a-Service (CCaaS), and Video into the CPaaS market.
“8&#215;8 is now the only cloud provider that owns the full, global-scale, cloud-native, technology stack 
offering voice, video, messaging, and contact center delivered both as pre-packaged applications 
and as enterprise-class APIs,&#8221; said Vik Verma, CEO of 8&#215;8, Inc.
The acquisition also expands 8&#215;8&#8217;s presence into the Southeast Asian markets of Singapore, Indonesia, Philippines and Thailand, as well as Hong Kong. The company will absorb Wavecell&#8217;s R&amp;D team in Asia, its employee base and over 500 enterprise customers in the region such as Paidy, Lalamove and Tokopedia.
&#8220;We’re excited to welcome the Wavecell employees to the 8&#215;8 family. We now have a significant market presence in Asia and expect to continue to expand in the region and globally in order to meet evolving customer requirements.”

Wavecell last raised an oversubscribed $8.2 million Series B round in 2017 from Wavemaker Partners, Qualgro VC and MDI Ventures.

SG's Wavecell acquired by NYSE-listed cloud provider 8x8 for $125m

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SG's Wavecell acquired by NYSE-listed cloud provider 8x8 for $125m

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