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Infobip Acquires Peerless Network in US, Takes $500m Loan

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CVCA
Infobip Acquires Peerless Network in US, Takes $500m Loan

The Infobip IT company has concluded a sales contract with the US-based Peerless Network company as well as ensuring a US$ 500 million loan, which places it among reputable IT companies with high growth and big value, Infobip reported.

Peerless Network is a global provider of VoIP (Voice over IP) services from Chicago and Infobip expects to take over the company next year once the regulatory procedure and approvals are issued. This is Infobip's fourth acquisition on the US market in less than a year.

With this takeover Infobip has ensured a significant presence in the VoIP segment via the Internet on the US market and clients have access to a wide range of CPaaS products, Infobip said. Peerless Network was founded in 2008 with its own 'voice' network. It covers 93% of the US population and has more than 4,500 interconnections in 49 American states and a turnover of 9 billion minutes a month on more than 200 markets. The latest takeover by Infobip follows it acquired the US OpenMarket company for approximately $300 million. In addition, in the first quarter of this year, Infobip generated an increase in revenue of 55% year on year.

Earlier this year Infobip also acquired the Croatian Shift franchise and the leading provider of text messaging firewall services, Anam Technologies in Ireland. Infobip revealed that last month it ensured a loan of $500 million, for which its financial adviser was Morgan Stanley. The main investors were credit funds managed by Ares Management Corporation and BlackRock. The new financing places Infobip among an exclusive group of reputable IT companies with high growth and big value that used similar financing models. This is Infobip's second round of external financing after significant strategic investments by One Equity Partners (OEP) of €300 million in the second half of last year, Infobip said.

The latest takeover has accelerated its international strategy by several years and the companies' complementary solutions will process more than 30 billion monthly user interactions through communication channels in more than 190 countries. That will enable even stronger growth in doing business in the USA, Chief Executive Director, and part-owner of Infobip, Silvio Kutić, said.

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