The Gores Group has completed its sale of Denver-based videoconferencing company Wire One Holdings Inc. to British Telecom (NYSE: BT). No financial terms were disclosed, except that the gross audited assets of Wire One were $90.5 million as of year-end 2007.
ORIGINAL PRESS RELEASE
BT (LSE: BT.A; NYSE: BT) today announced that it has agreed to acquire Wire One Holdings Inc. (“Wire One”), one of the leading providers of videoconferencing solutions in the United States. It is intended that Wire One will form the core of BT Conferencing's video services unit.
BT Conferencing is one of the leading players in the
Aaron McCormack, Chief Executive Officer of BT Conferencing said: “The acquisition of Wire One is a tremendous addition to BT's global managed video capabilities, the fastest growing sector in the Teleconferencing industry. We are excited about the business, its employees and the customer base that Wire One has built. We look forward to using these capabilities to create a new suite of managed video services on our global IP network and providing an enhanced offering to both BT Conferencing and Wire One's existing and future customers.”
Dan Connors, CEO of Wire One, said, “I am very proud of the accomplishments of our team and am excited about the next step of our evolution as part of BT Conferencing. The combination will enable us to complement our strong video solutions with industry-leading audio and web offerings. Wire One customers will see significant benefits from BT's extensive global presence and a compelling managed services offering.”
BT is acquiring Wire One from The Gores Group LLC and the proposed acquisition is contingent upon obtaining the necessary regulatory clearances. The audited gross assets of Wire One as at 31 December 2007 were $90.5 million (45.25 million pounds).
BT is one of the world's leading providers of communications solutions and services operating in 170 countries. Its principal activities include the provision of local, national and international telecommunications services to our customers for use at home, at work and on the move; higher-value broadband and internet products and services and converged fixed/mobile products and services. BT consists principally of four lines of business: BT Global Services, Openreach, BT Retail and BT Wholesale.
In the year ended 31 March 2007, BT Group plc's revenue was 20,223 million pounds with profit before taxation of 2,484 million pounds.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group and encompasses virtually all businesses and assets of the BT Group.BT Group plc is listed on stock exchanges in
About BT Conferencing
BT Conferencing was established more than 20 years ago and is now one of the leading global providers of audio, video and web collaboration services. Year on year growth has seen the company out-perform the conferencing industry expectation and with its extensive global portfolio, is now one of the largest conferencing providers in the
About Wire One Communications, Inc.
Wire One Communications, with over 20 years of conferencing support expertise, is one of the recognized leaders in providing easy to use, reliable, and cost effective video communication solutions to customers. The company services over 8,000 customers globally and manages over 40,000 conferences a year. Whether the need is for video, audio or web conferencing, streaming or a strategic mix of all media, Wire One is defining the new face of communication, and allowing customers to connect, collaborate, and innovate.
About The Gores Group, LLC
Founded in 1987 by Alec E. Gores, The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses, which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's private equity funds have committed equity capital of $1.7 billion. Headquartered in