Well established conferencing specialists LoopUp have announced today that they will acquire MeetingZone Group. The deal is valued at £61.4 million and been agreed on a debt-free cash-free basis. The acquisition is still subject to certain financial conditions and considerations but is expected to be completed shortly.
MeetingZone is a UK-based audio and video conferencing specialist with a worldwide customer base of around 6,000. UC Today recently attended their ‘Spark the Future’ collaboration event which took place in London in the presence of key customers and Cisco, who are one of MeetingZone’s main technology partners.
The most recent financial reports show a consistent profitability and a steady revenue growth at MeetingZone. The addition of a forward thinking specialist in the conferencing and meeting space will bolster LoopUp’s existing proposition, providing additional offerings in the video communication and collaboration space.
CEO of LoopUp Steve Flavell appreciates the opportunity to enhance their portfolio.
“The acquisition of MeetingZone will help us to enhance our already strong competitive position, add significant scale to our business and amplify the network effect of our offering. It will also provide us with an opportunity to reinvest further in our business, in particular our people, product and our 'Pods'. We thank all of the existing and new shareholders who have supported this proposed acquisition and who, like us, see it as an exciting opportunity to expand LoopUp's position and drive long-term growth."
LoopUp are listed on the London Stock Exchange, LSE, after their £40 million IPO in 2016. The London based start-up provide software services for around 2000 companies including Travelex and LateRooms.com. Now adding the MeetingZone platforms to their existing strategy will massively enhance their existing customer base and provide synergies for technology provision.
