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BroadSoft Sells to Cisco for $1.9 Billion
27 Oct, 2017
Sale broadens global offering of cloud-based services
San Diego – October 24, 2017 – Cooley advised BroadSoft, the technology innovator in cloud PBX, unified communications, team collaboration and contact center solutions for businesses and service providers, on its sale to worldwide technology leader Cisco. Cooley partner and co-chair of Cooley’s global M&A practice Barbara Borden, and partner Kevin Mills, led the team advising BroadSoft. “We are excited about this transaction, which represents the culmination of a robust process undertaken by BroadSoft’s Board of Directors to maximize shareholder value,” said Michael Tessler, president and CEO of BroadSoft, in a news release. “As businesses continue to move toward the cloud in search of simplicity and speed, joining Cisco will allow us to deliver best-in-class collaboration tools and services.” According to Cisco’s news release, by combining BroadSoft's open interface and standards-based cloud voice and contact center solutions delivered via Service Provider partners, with Cisco's leading meetings, hardware and services portfolio, the combined company will offer best-of-breed solutions for businesses of all sizes and deliver a full suite of collaboration capabilities to power the future of work. Under the terms of the agreement, Cisco will pay $55 in cash per share in exchange of each share of BroadSoft, or an aggregate purchase price of approximately $1.9 billion net of cash, assuming fully diluted shares including conversion of debt. The deal is expected to close in the first quarter of 2018. Cooley has advised BroadSoft since 1999, when the firm opened its Reston, Virginia, office. In 2010, Cooley represented the company on its IPO.
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