Genesys, a portfolio company of Permira, agreed to buy Interactive Intelligence for around $1.4 billion. Headquartered in Indianapolis, Interactive Intelligence provides cloud services for customer engagement.
PRESS RELEASE
SAN FRANCISCO & INDIANAPOLIS–(BUSINESS WIRE)–Genesys (www.genesys.com), a market leader in omnichannel customer experience and contact centre solutions, and Interactive Intelligence Group Inc. (Nasdaq:ININ) (www.inin.com), a global leader of cloud and on-premise solutions for customer engagement, communications and collaboration, today announced that they have entered into a definitive agreement under which Genesys will acquire Interactive Intelligence in a transaction valued at approximately US$1.4 billion. Under the terms of the agreement, Interactive Intelligence shareholders will receive US$60.50 per share in cash, representing a premium of 36% to Interactive Intelligence’s unaffected closing share price on 28 July 2016, the trading day prior to media reports that Interactive Intelligence was considering strategic alternatives, and a premium of 42% to the 30 calendar day average closing price prior to the unaffected closing price on 28 July 2016.
This transaction will accelerate Genesys’ ability to execute on its mission of powering the world’s best customer experiences at scale, anytime, anywhere – over any channel, in the cloud and on-premise. Both Genesys and Interactive Intelligence have developed best-in-class capabilities as recognized by Gartner and other leading industry analysts, with highly complementary product portfolios that serve adjacent market segments. Together, the combined company will provide the broadest customer experience solutions for organizations of all sizes around the world that support billions of customer interactions each year across a range of industries.
As a larger entity with increased scale, Genesys is committed to accelerate innovation in the customer experience market, with more than US$1.3 billion in revenue and annual R&D spend approaching US$200 million. Both cloud and on-premise product portfolios will continue to be supported and offered to the marketplace, with significant R&D investment across the full product portfolio. “This is a milestone transaction that combines industry-leading expertise and capabilities to enable lasting customer relationships, accelerate innovation and drive growth,” said Paul Segre, Chief Executive Officer, Genesys. “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. We are excited to work with the Interactive Intelligence team to deliver even greater innovation and value to our global customers and partners.”
Dr. Don Brown, Chairman, President and Chief Executive Officer, Interactive Intelligence said, “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. The combination of Genesys and Interactive Intelligence provides a complete portfolio to address all market segments by combining Interactive Intelligence’s Purecloud, Cloud Communications-as-a-Service (CaaS), and Customer Interaction Centre (CIC) with Genesys’ offerings. I am excited for the combined company to continue to grow and meet the needs of organizations around the world.”
Approvals
The transaction is expected to close by the end of the year, subject to customary closing conditions, including regulatory approval and approval by Interactive Intelligence shareholders. The transaction has been unanimously approved by Interactive Intelligence’s board of directors and Genesys’ Operating Committee. Dr. Brown, who owns approximately 17% of Interactive Intelligence shares, has agreed to vote his shares in favor of the transaction.
Additional Details
Genesys intends to fund the transaction through a combination of existing cash on hand and debt financing. The transaction is not contingent upon financing, with committed debt financing being provided by Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs and RBC Capital Markets. Advisors BofA Merrill Lynch, Citi, Goldman Sachs and RBC Capital Markets are serving as financial advisors to Genesys, and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal advisor. Union Square Advisors LLC is serving as exclusive financial advisor to Interactive Intelligence, and Faegre Baker Daniels LLP is serving as legal advisor.
Advisors
BofA Merrill Lynch, Citi, Goldman Sachs and RBC Capital Markets are serving as financial advisors to Genesys, and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal advisor. Union Square Advisors LLC is serving as exclusive financial advisor to Interactive Intelligence, and Faegre Baker Daniels LLP is serving as legal advisor.
About Genesys
Genesys, the world’s #1 Customer Experience Platform, empowers companies to create effortless omnichannel customer experiences, journeys, and relationships. For over 25 years, we have put the customer at the centre of all we do and passionately believe that great customer engagement drives great business outcomes. Genesys is trusted by over 4,700 customers in 120 countries to orchestrate over 25 billion contact centreinteractions per year in the cloud and on-premises. For more information visit www.genesys.com/uk.
About Interactive Intelligence
Interactive Intelligence (Nasdaq:ININ) is a global leader of cloud services for customer engagement, communications and collaboration designed to help businesses worldwide improve service, increase productivity and reduce costs. Backed by a 20-plus year history of industry firsts, 150-plus pending patent applications, and more than 6,000 global customer deployments, Interactive Intelligence offers customers fast return on investment, along with robust reliability, scalability and security. It’s also the only company recognized by the top global industry analyst firm as a leader in both the cloud and on-premises customer engagement markets. The company is headquartered in Indianapolis, Indiana and has more than 2,000 employees worldwide. For more information, visit www.inin.com.
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