Communication software provider 8×8 has acquired Wavecell, a Singapore-based cloud communications platform backed by telecommunications group Telkom Indonesia, in a deal worth $125m, TechCrunch reported today.
The deal consisted of $69m in cash, with the remaining $56m provided as stock in 8×8.
Founded in 2010, Wavecell has developed a cloud-based platform that enables brands to integrate text messages, chat apps, video and voice applications into their customer service offerings.
The acquisition helps 8×8 gain a market presence in Asia, with Wavecell based in Singapore, Indonesia, Philippines, Thailand and Hong Kong.
In 2017, MDI Ventures, the corporate venturing arm of Telkom Indonesia, co-led Wavecell’s $8.2m series B round together with venture capital firm Qualgro. Wavemaker Partners and undisclosed investors also took part in the round.
The company had previously raised $1.6m in a 2015 series A round backed by Qualgro and Wavemaker.
Vik Verma, chief executive at 8×8, said: “8×8 is now the only cloud provider that owns the full, global-scale, cloud-native, technology stack offering voice, video, messaging, and contact centre delivered both as pre-packaged applications and as enterprise-class APIs.”