This article was last updated on April 16, 2022
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Another Canadian hi-tech company is ready to expand its outreach in the cloud area as Mitel Networks Corp. announced its plan to acquire enterprise communications firm, Aastra Technologies Ltd., on Monday, in a friendly deal valued at about $400-million. An official press release by the company detailed that the transaction will cultivate a billion-dollar company that is able help customers upgrade to the rapidly growing cloud-based sector.
This takeover has now put rumors to rest after last week’s announcement that Open Text Corp. is planning to buy cloud-based business-to-business (B2B) service provider, in exchange for $1.17-billion. Mitel alleged that the offer estimates approximately 20.9 per cent premium to the 30-day average price of Aastra shares as of last Friday. The company added that the transaction is aimed to bring in a $100-million cloud business, along with a global customer base of 60 million end users in more than 100 countries and number-one market share in Western Europe. Consequently, the $18-billion business communications market will now be migrated to software-based cloud services and Mitel will now be more prepared in better position to capitalize on that.
Mitel president and chief executive officer, Richard McBee, stated in the press release that “the business communications market is ripe for consolidation on the cusp of a mass migration to cloud-based services. We believe that small competitors with narrow focus and limited global growth will quickly reach be marginalized.” He added that “Aastra’s solid financial structure, complementary portfolios, geographic reach, and large installed-based immediately augment and expand Mitel’s market footprint, enabling us to capitalize on a unique opportunity to leap-frog the competition and lead the market.”
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