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Plantronics has announced that it has completed its acquisition of Polycom. The acquisition of Polycom will enable Plantronics to deliver a broad portfolio of end points in the unified communications and collaboration (UCC) ecosystem. “We are pleased that Plantronics and Polycom are moving ahead as one company focused on putting people at the center of every collaboration experience. Plantronics now offers an unparalleled portfolio of integrated, intelligent solutions that spans headsets, software, desk phones, audio and video conferencing, and cloud services. This combined offering empowers people with the tools and flexibility they need to create the best experience when connecting to what is most important to them,” stated Joe Burton, President and CEO, Plantronics.
With this acquisition, Plantronics is focused on voice, video, content, and cloud solutions.
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“The combination of Plantronics and Polycom comes at a critical time when customers are searching for high-quality audio and video solutions that are easy to buy, easy to use, and easy to manage. The company’s offerings work with on-premises, cloud (service provider) and hybrid platforms, giving customers the flexibility to choose their deployment method and cloud migration timing. In addition, its global channel and technology partner ecosystem fosters both innovation and global reach. We’re expecting great things in the future from the new and expanded Plantronics,” said Ira M Weinstein, Founder, Recon Research.
Plantronics expects the acquisition to be immediately accretive to Non-GAAP earnings per share and believes it can achieve annual run-rate cost synergies of $75 million within 12 months. Non-GAAP earnings per share may exclude charges related to stock-based compensation, purchase accounting adjustments, acquisition and integration costs, restructuring and other related charges, litigation settlements, as well as the tax impact of these items and any discrete tax adjustments.
Under terms of the acquisition agreement, Plantronics acquired Polycom at a $2.0 billion enterprise value with the total consideration consisting of approximately $1.638 billion in cash and 6.352 million Plantronics shares, resulting in Triangle Private Holdings II, LLC, which was Polycom’s sole shareholder, owning approximately 16.0 per cent of Plantronics following the acquisition.
Under the terms of the transaction, Frank Baker, Co-Founder and Managing Partner, Siris Capital Group (an affiliate of Triangle Private Holdings II, LLC), and Daniel Moloney, Executive Partner, Siris Capital Group, were appointed to Plantronics Board of Directors and have been nominated for election by Plantronics’ stockholders at the 2018 Annual Meeting of Stockholders.
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