[ACCESSWIRE]
LONDON, UK / ACCESSWIRE / September 2, 2016 / Active Wall St. blog coverage looks at Interactive Intelligence Group Inc. (NASDAQ: ININ) as the company makes the corporate news headlines. Genesys Telecommunications Laboratories Inc., a global leader in the contact centre automation space, announced on August 31, 2016 that it has entered into an agreement to acquire Interactive Intelligence Group Inc. in an all cash transaction valued at $1.4 billion. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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Genesys, headquartered in Daly City, California, is a privately owned company. It is a global leader and one of the largest players in customer service and call centre solutions.
Indianapolis, Indiana based Interactive Intelligence offers cloud based services to its clients for customer engagement, communications, and collaboration. It is also the only company recognized by top global industry analyst firms as a leader in both cloud and on-premises customer engagement markets.
Terms of Agreement
As per terms of the agreement, shareholders of Interactive Intelligence will receive $60.50 per share in cash from Genesys. The price is at a premium of 36% to Interactive Intelligence's closing share price on 28 July 2016. On July 27, 2016, media reports had hinted that Interactive Intelligence in looking at alternatives, which had then led the stock to surge.
The transaction is to be finalised by the end of 2016 subject to fulfilment of regulatory conditions and approval from shareholders of Interactive Intelligence. Dr. Don Brown, Chairman, President and Chief Executive Officer, Interactive Intelligence holds 17% of the company's share and has already given his approval for the deal. Genesys would be using its existing cash on hand and debt to finance the deal.
Commenting on the agreement, Paul Segre, Genesys' Chief Executive Officer, said:
"Our combined product portfolio will provide the broadest set of transformative customer experience solutions optimized for customers of all sizes and sophistication levels, available both in the cloud and on- premise. We will significantly invest across the entire Interactive Intelligence product portfolio to support the continued momentum of Purecloud®, Cloud communications-as-a-service℠ (CaaS) and Customer Interaction Centre ™ (CIC), in addition to the rich portfolio of products offered by Genesys today."
Dr. Don Brown also commented on the deal:
"We have been working for the past 22 years to build an outstanding company with innovative, disruptive technology solutions that transform businesses. I am confident that our agreement with Genesys, which follows a careful evaluation of strategic alternatives, provides Interactive Intelligence shareholders with immediate and significant value, and will deliver meaningful benefits to our customers, partners and employees."
How Genesys benefits from this deal
The merger will help Genesys increase its growth pace by offering customer service across diverse platforms, both on-premise and via cloud, as it would gain control of Interactive Intelligence's cloud software for customer service. The combined entity will cater to all types of organisations irrespective of size and across industries for customer service solutions. Genesys will also get access to Interactive Intelligence's trained workforce which would give muscle to its growth plans.
Genesys, which already has a strong R&D spending for innovation in customer service will have access to a larger pool which will directly impact its product portfolio.
Genesys has taken an aggressive stance in gaining an upper hand in the contact centre automation space. Genesys had raised $900 million in July 2016 from Hellman & Friedman LLC a private equity firm, raising speculations that it could use these funds for expansion of its business.
Media reports in early August 2016 also speculated the possibility of Genesys acquiring Avaya Inc.'s call centres.
Stock Performance
On Thursday, September 01st, 2016, shares of Interactive Intelligence Group were slightly up 0.48%, ending the day at $60.14. The company's shares vacillated between an intraday high of $60.45 and an intraday low of $59.81. A total volume of 1.42 million shares was traded by the end of the trading session, which was higher than the 3 months average volume of 252.67 thousand shares. The stock price gained 4.46% in the last one month and 42.68% in the past three months. Additionally, the stock advanced 91.41% from the beginning of 2016.
At the close of the market, on Thursday, Interactive Intelligence Group's stock had a market cap of $1.36 billion.
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