SG’s Wavecell acquired by NYSE-listed cloud provider 8×8 for $125m

Wavecell, a Singapore-based communications platform-as-a-service (CPaaS) provider, has been acquired by NYSE-listed cloud provider 8×8 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’s 2019 revenue. It comprises $69 million in cash and $56 million in 8×8 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 8×8 acquisition said that the deal allows it to pursue CPaaS globally, and represents an expansion of 8×8’s cloud business from Unified Communications-as-a-Service (UCaaS), Contact Center-as-a-Service (CCaaS), and Video into the CPaaS market.

“8×8 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,” said Vik Verma, CEO of 8×8, Inc.

The acquisition also expands 8×8’s presence into the Southeast Asian markets of Singapore, Indonesia, Philippines and Thailand, as well as Hong Kong. The company will absorb Wavecell’s R&D team in Asia, its employee base and over 500 enterprise customers in the region such as Paidy, Lalamove and Tokopedia.

“We’re excited to welcome the Wavecell employees to the 8×8 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.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.