Polycom Inc. best known for its video conferencing systems, on Friday said that it has agreed to buy conferencing provider Voyant Technologies Inc.
The $110.7 million deal will give Polycom greater audio conferencing capabilities. Voyant, of Westminster, Colo., is a leading provider of audio-conferencing equipment. Pleasanton, Calif.-based Polycom has been pushing like other conferencing companies to offer a full breadth of offerings for video, audio and Web conferencing.
"Polycoms objective is to offer a complete, converged collaborative-communications solution…Voyants leading voice communications system is another key step in that strategy," said Phil Keenan, Polycom senior vice president and general manager, in a statement.
Keenan added that Voyants products would complement the companys Polycom Office platform, which integrates voice, video, data and web communications.
Polycom expects the deal to close during the first quarter of 2004. The deals price tag is expected to fall to $95.7 million once the amount of cash Voyant has available at closing is taken into consideration. Polycom also may pay an additional $35 million in cash or stock over a two-year period if certain financial milestones are met.
Once the acquisition is completed, Voyant President and CEO Bill Ernstrom will stay on and continue to lead the Voyant group, which will become part of Polycoms Network Systems, the companies said.