Avaya and RingCentral share prices soar on the back of partnership
Avaya has seen its share price jump 29 per cent after it confirmed it has struck a deal with RingCentral, which will see a $500m (£405.8m) investment from the latter.
The deal is expected to close in the fourth quarter of this calendar year - subject to regulatory approval - and will see RingCentral pump $500m into Avaya, including $125m of redeemable preferred equity which translates to a six per cent stake in Avaya.
The remaining $375m will be advanced primarily in stock for future payments and certain licensing rights.
Avaya will also buy back up to $500m of shares and pay down $250m of debt.
RingCentral's own share price jumped 25 per cent when word of the deal emerged.
As part of the venture, Avaya will introduce its global unified comms (UC) as-a-service offering, Avaya Cloud Office by RingCentral. It will offer a full suite of UC, contact centre (CC), UCaaS and CCaaS solutions to customers in 180 countries.
"Avaya and RingCentral's joint investment and commitment to bringing Avaya Cloud Office to market create an unprecedented opportunity to accelerate the transition to the cloud with attractive economics for our customers and partners," said Jim Chirico, Avaya CEO.
"This also gives us the opportunity to unlock value from a largely unmonetised base of our business as it brings compelling value to our customers and partners.
"We believe this highly complementary partnership is a game-changer that expands the total addressable market for Avaya and creates meaningful value for both Avaya and RingCentral."
Avaya Cloud Office is expected to launch in the first quarter of 2020 and is a "definitive differentiated solution", according to Vlad Shmunis, founder and CEO of RingCentral.
"We are excited to bring RingCentral's leading UCaaS platform to Avaya's installed base of over 100 million users and over 4,700 partners, providing long-term growth opportunities for both our companies," he stated.
Reports emerged last month that the beleaguered Avaya was considering a joint venture with RingCentral, a publicly listed company that specialises in videoconferencing and cloud communications.
It had earlier been reported that it was considering a takeover bid from rival Mitel as part of its strategic review.
"The strategic actions that we are executing as a result of our comprehensive review create new growth opportunities, return capital to our shareholders and de-lever our balance sheet," said Chirico.
"With a clear path forward, we will further invest in technology and innovation to continue bringing state-of-the-art solutions to our valued customers and partners."
Avaya recently saw its UK MD depart to take up the role of CEO at Maintel, one of its largest partners in the UK.
source channelweb
Industry: Unified Communications
Latest Jobs
-
- Sailpoint IIQ Consultant
- London
- Up to £75,000
-
SailPoint IIQ consultant- London We are looking for a strong SailPoint IIQ consultant to work for this global enterprise, in this position you will be the lead consultant in regard to the IAM and PAM tools Duties include Responsible for designing, developing, testing, implementing, and integrating IAM (SailPoint) systems and solutions. Assessing requirements for Identity and Access Management solutions to meet stakeholders needs. Provide support for production IAM infrastructure systems and processes. Ensures the maintenance, patching, operating, and monitoring of IAM systems. Ensures senior management and staff are informed of any changes and updates in a timely manner. Experience with Maintaining and supporting SailPoint IIQ Assessing requirements for Privilege Access Management solutions to meet stakeholders needs We are looking for someone with the following experience SailPoint IIQ experience Expertise working with SailPoint Identity IQ platform - Access Lifecycle Management, Certifications, Role Management Expertise in onboarding applications with various connectors like Active Directory, JDBC, SCIM 2.0, Azure Active Directory Expertise in developing APIs (SCIM, REST) leveraging Java based developmentExperience of Privileged Access Management concepts and use cases Unfortunatly we are unable to provide sponsorship for this opportunity, therefore applications will need to be able to work in the UK
-
- SailPoint Consultant- Netherland-
- Netherlands
- upto €700 per day
-
We are looking for a highly skilled SailPoint IIQ Consultant to work on a major deployment project. The ideal candidate will have experience with all aspects of SailPoint IIQ, including development, configuration, and administration. They will also be able to work independently and as part of a team to deliver high-quality results. · Responsibilities · Develop and configure Sailpoint IIQ solutions · Integrate SailPoint IIQ with other systems · Support SailPoint IIQ deployments · Provide technical support to users If you are a highly skilled SailPoint IIQ consultant who is looking for their next project, we encourage you to apply. look forward to hearing from you!
-
- Lead CyberArk deployment Consultant
- London
- Upto £80,000 plus benefits
-
CyberArk Consultant is needed to be responsible for leading the deployment of CyberArk solutions for this expanding IT services business, You will work with customer both pre and post sales, getting involved in CyberArk Solution Design, helping to create CyberArk Strategic Roadmaps, on-boarding accounts, product and process integration into the CyberArk Solution and Proviso of Installation and technical Documentation. We are looking for this individual to have experience in: Installation of CyberArk PAS for V11.X and V12.X (Vault, DR Vault, Central Policy Manager and Password Vault Web Access) Upgrade of CyberArk from V9 and V10 (Vault, DR Vault, Central Policy Manager and Password Vault Web Access) Installation and Upgrade of Privilege Session Manager and Privilege Session Manager Proxy As some of your client will be government site, all individual will need to be put through SC clearance, therefore you must be eligible to receive this and happy to be put through(With a British Citizen or to have lived in the UK for the past 5 years) We are unable to provide work visa sponsorship for this opportunity
-
- Senior Business Analyst - Outside IR35 Contract, SC Clearance Required, London
- London
- £400 per day outside IR35
-
Senior Business Analyst - Outside IR35 Contract, SC Clearance Required, Based in London Project- to engage with colleagues and stakeholders to investigate and model business functions, processes, information flows and data structures, using a range of business analysis techniques. • You will translate the solution to the business problem into detailed requirements by creating user stories and well-defined acceptance criteria. • Elicit end-to-end business requirements for a live cross-government service • Working across the Government departments to bring together varied business and operational outcomes to form a holistic overall set of service requirements Current SC clearance is required. As is the ability to travel to London.