23rd Sep 2024 12:22
(Alliance News) - Gamma Communications PLC on Monday said it completed the takeover of BroadSoft Germany GmbH, a Cologne-based cloud communications business, from Cisco Systems Inc.
Gamma, a Berkshire, England-based provider of communication services, said it bought the company to strengthen its presence in Germany and deepen its partnership with Cisco, a San Jose, California-based communications technology company.
Earlier this month, Gamma had first announced the planned takeover of BroadSoft Germany, also known as Placetel. Further, Gamma said it began considering a move to London's Main Market.
The takeover was for an undisclosed sum. Placetel had a revenue of about EUR28.7 million in 2023.
"This acquisition marks an important step in Gamma's ongoing strategy for European growth, with Germany identified as a key market for expansion. By leveraging Placetel's existing market presence across Germany, as well as its well-known digital capabilities and brand, Gamma will broaden its customer base and strengthen its position as a leading provider of business communication solutions, further expanding its influence in Europe," said Gamma.
Gamma shares were 0.5% higher at 1,702.00 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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