Internet protocol-based software provider BroadSoft, Inc. (NASDAQ: BSFT) has implemented the strategy of making acquisitions to keep up its fast growing sales and profits.
BroadSoft announced after market hours Wednesday, that it has signed a definitive agreement to acquire Phoenix, AZ-based iLinc Communications (PINK:ILNC). iLinc specializes in web conferencing services for global organizations and has Software-as-a-Service (SaaS) that offers real-time web meetings.
iLinc stock jumped 250% Thursday from approximately $0.02 cents per share to over $0.07 cents per share. The company had an approximate market value of $2.95 Million.
"Adoption of additional Unified Communications services, such as web collaboration, demonstrates the desire by enterprises for a broad range of communication applications," stated Michael Tessler, chief executive officer, BroadSoft. "We believe that by incorporating iLinc into our Unified Communications services offering we will help our service provider customers meet the communication needs of businesses of all sizes."
Gaithersburg-based BroadSoft will make an all-cash offer for the company.
The company's stock continues a rally starting Wednesday morning from approximately $28.38 a share and reaching a high so far today of close to $31 a share. The stock is currently up $0.20 cents or 0.66% to $30.58 a share.