The two founders of Broadsmart, Todd Correll and Tom Tharrington, will remain with the business as CEO and President, respectively, of Broadsmart Global, Inc., a newly formed wholly-owned subsidiary of magicJack VocalTec, Ltd.
The acquisition brings together an optimal mix of resources and capabilities across the two firms. magicJack acquired Broadsmart to diversify beyond its core business into UCaaS, targeting high end SMB and enterprise customers, and to realize synergies by leveraging magicJack's proprietary low cost infrastructure. Broadsmart will benefit from magicJack resources to deliver additional managed services and solutions to its customers and channel partners.
Q Advisors, a leading global TMT investment banking boutique, acted as exclusive financial advisor to Broadsmart in connection with the transaction.
Todd Correll, co-founder and CEO of Broadsmart said, "We met the Q Advisors team late last year. After an hour conversation with the team, it was clear that they had a great command of the managed services sector and the relevant players. They listened to our objectives, established the sale price we could expect and identified a projected buyer quickly. It was a true testament to the experience necessary in an M&A transaction. Q Advisors' deep team worked with us hand-in-hand on an accelerated basis to get Broadsmart an industry-leading exit multiple from a partner that we are excited to be working with as part of their senior management team. We look forward to working with Q Advisors in the future."
Broadsmart is a leading cloud-based communications provider with a go to market approach to continually refine product lines, provide high value, high quality, and increased efficiencies so that Cloud Services (Hosted IP and SIP/IP Trunking) can be successfully delivered to midsized to enterprise class customers nationwide. Founded on the principle of delivering customer service above and beyond the norm, Broadsmart's products and services are backed by unparalleled support to meet and exceed customer expectations.
About magicJack VocalTec Ltd.
magicJack VocalTec Ltd. (Nasdaq: CALL), the inventor of magicJack and a pioneer in Voice over IP (VoIP) technology and services, is a leading cloud communications company. With its easy-to-use, low cost solution for telecommunications, the Company has sold more than 11 million award-winning magicJack devices, now in its fifth generation, has millions of downloads of its free calling app, and holds more than 30 technology patents. magicJack is the largest-reaching CLEC (Competitive Local Exchange Carrier) in the United States in terms of area codes available and number of states in which it is certified.
About Q Advisors LLC
Q Advisors LLC is a world-class global boutique investment bank formed in 2001 serving public and private companies, PE firms, entrepreneurs and large multi-nationals in the telecom, media, and technology (TMT) sectors. The firm has extensive, global reach, while also providing the personalized service of a boutique advisory firm. Thanks to our partners and senior staff, who come from leading investment banks and operating companies, we leverage extensive industry knowledge and analytical insights to help our clients achieve successful M&A and capital markets transactions. www.qllc.com
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SOURCE Q Advisors