Ooma Acquires OnSIP, Expanding Ooma’s Base of SMB Customers
Ooma, Inc., a smart communications platform for businesses and
consumers, today announced that it has acquired Junction Networks
Inc., which does business as OnSIP, an innovative provider of
cloud-based phone and unified communications services for small and
mid-sized businesses, from Intrado Corp. for approximately $9.75
million in cash, subject to customary working capital adjustments.
The transaction was completed on July 22, 2022.
The acquisition of OnSIP is expected to be accretive to Ooma’s
adjusted EBITDA starting in the fourth quarter of the current
fiscal year and make increasing contribution to Ooma’s
profitability and cash flows as operational synergies are realized
in the coming quarters. OnSIP is expected to add slightly more than
$10 million in annual revenue to Ooma.
OnSIP (https://www.onsip.com/), founded in 2004, provides UCaaS
solutions designed to make cloud communications approachable for
small businesses – much like Ooma Office
(https://www.ooma.com/small-business-phone-systems/) – allowing
customers to utilize modern communications tools to enhance their
business while streamlining deployment and ongoing management.
OnSIP customers can choose between unlimited monthly plans and
metered “pay as you go” plans.
Dedicated to providing white-glove customer support, OnSIP won
the Excellence in Customer Service Award from Business Intelligence
Group – which recognizes companies delivering distinctive customer
service focused on setting up customers for success – for the
fourth year in a row in 2022.
“We’re delighted to welcome OnSIP into the Ooma portfolio of
business solutions,” said Eric Stang, chief executive officer of
Ooma. “OnSIP serves a marquee collection of approximately 50,000
primarily small business users and is well-respected for the ease
of use and flexibility of its services and strong customer support.
We believe the acquisition of OnSIP is complementary to our
strategy to extend our leadership in serving SMB customers and will
accelerate overall growth of Ooma Business. We are also thrilled to
expand our Ooma team with the addition of OnSIP’s highly
Ooma will provide more information about the OnSIP acquisition
during its fiscal second quarter earnings conference call,
scheduled for today at 2 p.m. Pacific time. Please visit Ooma’s
for information to join this call.
About Ooma, Inc.
Ooma (NYSE: OOMA) creates powerful connected experiences for
businesses and consumers, delivered from its smart cloud-based SaaS
platform. For businesses of all sizes, Ooma provides advanced voice
and collaboration features including messaging, intelligent virtual
attendants, and video conferencing to help them run more
efficiently. For consumers, Ooma’s residential phone service
provides PureVoice HD voice quality, advanced functionality and
integration with mobile devices. Learn more at www.ooma.com or
www.ooma.ca in Canada.
This release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.”
The forward-looking statements contained in this press release
include, without limitation, statements related to consummation of
the OnSIP acquisition and its expected impact, such as OnSIP’s
financial impact on and synergies with Ooma, the expected growth of
Ooma Business, and the effect on Ooma’s strategy to extend its
leadership in serving SMB customers. Such forward-looking
statements involve known and unknown risks, uncertainties and other
unknown factors that could cause the actual results of Ooma to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements. In
addition to statements that explicitly describe such risks and
uncertainties readers are urged to consider statements labeled with
the terms “believes,” “belief,” “expects,” “projects,” “intends,”
“anticipates” or “plans” to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject
generally to other risks and uncertainties that are described from
time to time in Ooma’s filings with the Securities and Exchange
Commission, including under Item 1A, “Risk Factors” in the
Company’s Annual Report on Form 10-K for the fiscal year ended
January 31, 2021 filed on April 8, 2022, and in its subsequent
reports on Forms 10-Q and 8-K. Investors are cautioned not to place
undue reliance on such forward-looking statements, which speak only
as of the date they are made. Ooma undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
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