10th Apr 2008 16:00
BT Group PLC10 April 2008 DC08-128 April 10, 2008 BT CONFERENCING TO ACQUIRE WIRE ONE HOLDINGS INC BT (LSE: BT.A; NYSE: BT) today announced that it has agreed to acquire Wire OneHoldings Inc. ("Wire One"), one of the leading providers of videoconferencingsolutions in the United States. It is intended that Wire One will form the coreof BT Conferencing's video services unit. Based in Denver, Colorado, Wire One employs over 350 professionals across the USand Europe and provides products and services to over 8,000 customers, including55% of the US Fortune 100. With over 20 years of videoconferencing supportexpertise, Wire One is one of the leading providers in the US of easy to use,reliable, and cost-effective video communication solutions. Thevideoconferencing market is forecast to be worth $2.6bn by 2010*. For the yearended 31 December 2007, the business generated revenues of $140 million (£70million). BT Conferencing is one of the leading players in the UK and Europeanconferencing market and has a strong presence in the United States and AsiaPacific. The acquisition of Wire One will allow BT Conferencing to enhancesignificantly its existing videoconferencing capabilities and services offeringto its customers. Aaron McCormack, Chief Executive Officer of BT Conferencing said: "Theacquisition of Wire One is a tremendous addition to BT's global managed videocapabilities, the fastest growing sector in the Teleconferencing industry. Weare excited about the business, its employees and the customer base that WireOne has built. We look forward to using these capabilities to create a new suiteof managed video services on our global IP network and providing an enhancedoffering to both BT Conferencing and Wire One's existing and future customers." Dan Connors, CEO of Wire One, said, "I am very proud of the accomplishments ofour team and am excited about the next step of our evolution as part of BTConferencing. The combination will enable us to complement our strong videosolutions with industry-leading audio and web offerings. Wire One customers willsee significant benefits from BT's extensive global presence and a compellingmanaged services offering." BT is acquiring Wire One from The Gores Group LLC and the proposed acquisitionis contingent upon obtaining the necessary regulatory clearances. The auditedgross assets of Wire One as at 31 December 2007 were $90.5 million (£45.25million). *source: Wainhouse. Ends Notes to Editors About BT BT is one of the world's leading providers of communications solutions andservices operating in 170 countries. Its principal activities include theprovision of local, national and international telecommunications services toour customers for use at home, at work and on the move; higher-value broadbandand internet products and services and converged fixed/mobile products andservices. BT consists principally of four lines of business: BT Global Services,Openreach, BT Retail and BT Wholesale. In the year ended 31 March 2007, BT Group plc's revenue was £20,223 million withprofit before taxation of £2,484 million. British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group andencompasses virtually all businesses and assets of the BT Group. BT Group plc islisted on stock exchanges in London and New York. For more information, visitwww.bt.com/aboutbt About BT Conferencing BT Conferencing was established more than 20 years ago and is now one of theleading global provider of audio, video and web collaboration services. Year onyear growth has seen the company out-perform the conferencing industryexpectation and with its extensive global portfolio, is now one of the largestconferencing providers in the UK and Europe with current reach in more than 70countries. BT Conferencing is based in the USA, EMEA and Asia Pacific andspecialises in the delivery of reliable, robust and innovative conferencingsolutions and product hardware to some of the largest companies in the world.The company offers tailor-made solutions to customers, whether they are smallSMEs or major global businesses. With businesses now juggling to increaseproductivity, being more environmentally aware and at the same time looking toimprove the work-life balance of its employees, conferencing and collaborationservices provide a cost effective and time saving solution. For more informationvisit www.bt.com/conferencing About Wire One Communications, Inc.Wire One Communications, with over 20 years of conferencing support expertise,is one of the recognized leader in providing easy to use, reliable, and costeffective video communication solutions to customers. The company services over8,000 customers globally and manages over 40,000 conferences a year. Whether theneed is for video, audio or web conferencing, streaming or a strategic mix ofall media, Wire One is defining the new face of communication, and allowingcustomers to connect, collaborate, and innovate. About The Gores Group, LLC Founded in 1987 by Alec E. Gores, The Gores Group, LLC is a private equity firmfocused on acquiring controlling interests in mature and growing businesseswhich can benefit from the firm's operating experience and flexible capitalbase. The firm combines the operational expertise and detailed due diligencecapabilities of a strategic buyer with the seasoned M&A team of a traditionalfinancial buyer. The Gores Group, LLC has become a leading investor havingdemonstrated over time a reliable track record of creating substantial value inits portfolio companies alongside management. The firm's private equity fundshave committed equity capital of $1.7 billion. Headquartered in Los Angeles,California, The Gores Group, LLC maintains offices in Boulder, Colorado andLondon. For more information, please visit www.gores.com For further information: BT:Enquiries about this news release can be made to the BT Group Newsroom on its24-hour number: 020 7356 5369. From outside the UK dial + 44 20 7356 5369. Allnews releases can be accessed at our web site: http://www.bt.com/newscentre This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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