On April 15, 2016 Mitel Networks announced their acquisition of Polycom for $1.96 billion in cash and stock. The acquisition appears to resemble more of a merger, a collaborative effort ” to shake up the very fast-moving technology markets” said Mitel CEO Richard McBee . The combined company of about 7,700 employees will be called Mitel and will be headquartered in Ottawa, Canada, where Mitel operates, but the company will continue providing Polycom-branded video and communications systems. Mitel CEO Richard McBee and Mitel CFO Steve Spooner will continue in their roles; Polycom is expected to get two board seats upon the deal’s closure, expected in the third quarter of 2016.
Polycom is a multinational corporation that develops video, voice and content collaboration and communication technology. Polycom’s first products to market were audio conferencing speakerphones. Soon after, the company added content sharing, video conferencing, and video network and bridging products.
Mitel Networks is a high-tech company providing unified communications solutions for business. The company previously produced TDM PBX systems and applications but after a change in ownership in 2001 now focuses almost entirely on Voice-over-IP (VoIP) products.
You can find more information about Mitel’s acquisition of Polycom on Polycom’s website.