Siris Capital has sold some of its stake in Plantronics, a global communications company. No financial terms were disclosed.
NEW YORK and SANTA CRUZ, Calif., Aug. 27, 2020 /PRNewswire/ — Plantronics, Inc. (NYSE: PLT) (“Poly” or the “Company”), a global communications company that powers meaningful human connection and collaboration, and Siris Capital Group, LLC (“Siris”) today announced that Siris has sold approx. 4.1 million of the 7.1 million shares of Poly common stock that it previously owned, which represents ~57% of Siris’ stake in Poly and ~10% of Poly’s outstanding shares.
The share sale represents an opportunity for Siris to realize what it considers to be an attractive return on its original investment in Polycom in 2016. Siris and Poly have had a successful long-term relationship dating back to the Company’s acquisition of Polycom from Siris in 2018.
“With Dave Shull recently announced as CEO, we feel that Poly is well positioned to capitalize on opportunities to be the endpoint provider of choice for the unified communications industry,” said Frank Baker, Siris Co-Founder and Managing Partner. “We have confidence in Poly, its management team, and the opportunities ahead.”
As a result of Siris reducing its holding and pursuant to the contractual arrangement between Siris and the Company, Mr. Baker has resigned from Poly’s board of directors. However, Dan Moloney, a Siris Executive Partner, intends to remain an active member on the Poly board of directors.
“Siris has been a constructive partner to Poly over the past two years,” said Bob Hagerty, Poly’s Chairman of the Board and Interim Chief Executive Officer. “We are pleased that Dan will remain on our board.”
Plantronics, Inc. (“Poly” – formerly Plantronics and Polycom) (NYSE: PLT) is a global communications company that powers meaningful human connection and collaboration. Poly combines legendary audio expertise and powerful video and conferencing capabilities to overcome the distractions, complexity and distance that make communication in and out of the workplace challenging. Poly believes in solutions that make life easier when they work together and with our partners’ services. Our headsets, software, desk phones, audio and video conferencing, analytics and services are used worldwide and are a leading choice for every kind of workspace. For more information visit www.Poly.com.
Siris is a leading private equity firm that invests primarily in mature technology and telecommunications companies with mission-critical products and services, facing industry changes or other significant transitions. Siris’ development of proprietary research to identify opportunities and its extensive collaboration with its Executive Partners are integral to its approach. Siris’ Executive Partners are experienced senior operating executives that actively participate in key aspects of the transaction lifecycle to help identify opportunities and drive strategic and operational value. Siris is based in New York and Silicon Valley and has raised nearly $6 billion in cumulative capital commitments. www.siris.com