CLX Communications acquires Sinch, which is a Stockholm-based Rebtel spinoff.
CLX Communications AB (publ) (“CLX”) – NASDAQ: XSTO:CLX – a leading global provider of cloud-based communication services, announces that it has submitted a binding offer for the acquisition of all shares in Sinch AB (“Sinch”). The offer has been accepted by the shareholder of Sinch and the parties are entering into negotations with a view of signing a definitive agreement.
The offer corresponds to a valuation of Sinch at an enterprise value totaling SEK 130 million, with payment partly in CLX shares and partly in cash through certain of Sinch’s loans being repaid by CLX. As part of the offer CLX has offered Sinch a loan of SEK 10 million of the purchase price through a convertible to assure access to working capital.
“CLX was founded on a vision to become the world’s largest and leading player in the market for mobile cloud-based communications. Following the IPO of fall last year, the summer’s acquisition of Mblox was the first of several important steps toward that objective. A successful acquisition of Sinch would be a natural next, but not the final, step in our development and growth,” says Johan Hedberg, President and CEO, CLX Communications.
“Like most observers, we are convinced that the majority of future communications will move to the cloud. CLX is already one of the leading suppliers of products and services that companies around the world need to build the flexible and efficient communication solutions of the future. Sinch is a good complement to our existing offering. A successful acquisition would enhance our position as the leading provider of communication solutions to businesses worldwide, including internet-based voice communications,” concludes Johan Hedberg.
CLX will provide further information if a final agreement for the acquisition is completed. CLX’s ambition is for the closing of the transaction to occur not later than 31 December 2016.
For further information please contact:
Thomas Ahlerup – Chief Investor Relations Officer CLX Communications AB (publ.)
Mobile +46 768 966 300
Sinch is a Swedish company. Sinch was founded in 2014 when Rebtel AB decided to place its technology, platform and operations in a separate company. As early as in 2014, Sinch saw significant growth opportunities in cloud-based communication services, and since its launch Sinch has successfully become a supplier to a number of leading app and web companies, mainly on the West Coast of the United States.