Business communications technology supplier Vonage Holdings has agreed to acquire US-based customer service technology provider NewVoiceMedia in a $350m deal that will allow enterprise software producer Salesforce to exit.
NewVoiceMedia has developed a cloud software platform that integrates with an organisation’s existing customer relationship management software, bringing together all its communications channels in a single place to help staff contact customers more effectively.
The company will continue to be run by chief executive Dennis Fois and its entire team will join Vonage, the latter said.
The transaction follows more than $140m raised by NewVoiceMedia, including a $30m series F round led by Salesforce’s corporate venturing unit, Salesforce Ventures, in early 2016 at a valuation sources told TechCrunch was approaching $500m.
BGF Ventures, Bessemer Venture Partners (BVP), Eden Ventures, Highland Capital Partners Europe and Technology Crossover Ventures (TCV) also participated in the series F round.
TCV had led a $50m series E round for NewVoiceMedia that included Salesforce Ventures, BVP, Highland Capital, Eden Ventures and Notion Capital two years earlier, and MMC Ventures is among the company’s earlier backers.
JP Morgan Securities was financial adviser for Vonage while Morrison & Foerster was legal counsel. Jeffries provided financial advisory services for NewVoiceMedia while Weil, Gotshal & Manges was legal counsel.
Alan Masarek, Vonage’s CEO, said: “We are thrilled to announce the acquisition of NewVoiceMedia, which represents a major step forward in the realisation of our strategic vision to deliver a differentiated, fully-programmable communications solution that drives more meaningful customer interactions and better outcomes for businesses.”