PGi Acquires ACT Conferencing
PGi and ACT Combine to Form the World's Largest Pure Play Collaboration Provider
ATLANTA, Sept. 4, 2013 /PRNewswire/ -- PGi (NYSE: PGi), a global leader in collaboration and virtual meetings for over 20 years, today announced that it has acquired ACT Teleconferencing, Inc., a global provider of integrated conferencing solutions, for a cash purchase price of approximately $44 million, net of working capital. PGi funded the purchase through its recently increased credit facility and cash and equivalents on hand.
"Both PGi and ACT Conferencing are trusted by the world's largest, most discriminating brands for their business-critical collaboration needs. Our companies share a complementary global footprint and a common legacy of industry leadership that spans decades," said Boland T. Jones, PGi founder, chairman and CEO. "Our acquisition of ACT Conferencing reinforces PGi as the clear choice for companies looking for innovative collaboration solutions to increase their productivity, accelerate sales and improve their overall business results."
Known for its operational excellence and world-class service quality, ACT Conferencing has been providing audio, video and web collaboration solutions for over 20 years. ACT Conferencing has operations in eight countries across North America, Europe and Asia Pacific, with a current projected annual revenue run-rate of approximately $45 million.
"We are excited to join forces with PGi, a company that shares our culture and commitment to delighting users," said Peter Salas, ACT Conferencing chairman and CEO. "Our customers will have the opportunity to improve their businesses with PGi's award-winning web conferencing solutions, GlobalMeet® and iMeet®, and its industry-leading global IP audio network, while continuing to enjoy the outstanding service quality and customer care they are accustomed to."
PGi plans to provide a revised financial outlook for 2013 when it releases its third quarter results.
About Premiere Global Services, Inc. │ PGi
PGi has been a global leader in collaboration and virtual meetings for over 20 years. PGi's cloud-based solutions deliver multi-point, real-time virtual collaboration using video, voice, mobile, web streaming and file sharing technologies. PGi solutions are available via desktops, tablets and mobile devices, helping businesses worldwide be more productive, mobile and environmentally responsible. PGi has a global presence in 25 countries and an established base of over 40,000 enterprise customers, including 75% of the Fortune 100™. In the last five years, PGi has hosted nearly one billion people from 137 countries in over 200 million virtual meetings. For more information, visit PGi at www.pgi.com.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Premiere Global Services, Inc.'s forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological changes and the development of alternatives to our services; market acceptance of our cloud-based, virtual meeting solutions, including our iMeet® and GlobalMeet® solutions; our ability to attract new customers and to retain and further penetrate our existing customers; our ability to establish and maintain strategic reseller relationships; risks associated with challenging global economic conditions; price increases from our telecommunications service providers; service interruptions and network downtime; technological obsolescence and our ability to upgrade our equipment or increase our network capacity; concerns regarding the security and privacy of our customer's confidential information; future write-downs of goodwill or other intangible assets; greater than anticipated tax and regulatory liabilities; restructuring and cost reduction initiatives and the market reaction thereto; our level of indebtedness; risks associated with acquisitions and divestitures; indemnification claims from the sale of our PGiSend business; our ability to protect our intellectual property rights, including possible adverse results of litigation or infringement claims; regulatory or legislative changes, including further government regulations applicable to traditional telecommunications service providers and data privacy; risks associated with international operations and market expansion, including fluctuations in foreign currency exchange rates; and other factors described from time to time in our press releases, reports and other filings with the Securities and Exchange Commission, including but not limited to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2012. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We do not undertake any obligation to update or to release publicly any revisions to forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this press release or the date of the statement, if a different date, or to reflect the occurrence of unanticipated events.
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