Davox Corp. announced Thursday that it has entered into a definitive agreement to buy fellow contact center software vendor Cellit Inc. for $10.2 million in cash and more than half a million shares of common stock.
Not stopping there, Davox, of Westford, Mass., also said that it was changing its name to Concerto Software Inc., effective immediately.
The acquisition, which has already been approved by the boards of both companies and the shareholders of privately-held Cellit, of Miami, is expected to close at the end of the month.
James Foy, president and CEO of Davox, will head Concerto as CEO while Cellit president and CEO Alex Tellez will be executive vice president of engineering at the newly formed company.
"The combined companies technology and global sales and support capabilities open up broad new market opportunities for Concerto Software," said Tellez, in a statement. "We can offer immediate benefits to our existing customers, as well as a strategy to support their future needs. In addition, we can more effectively reach new markets that present high growth opportunities for us."
Davox stock closed up 19.9 cents at $9.80 per share Thursday.