AT&T buys Israeli web conferencing company Interwise
13 year-old Israeli startup sold to American giant for $121 million
Telecommunications giant AT&T Inc. said Monday it agreed to buy Israeli web conferencing service provider Interwise for about $121 million in cash.
Interwise, based in Cambridge, Mass., uses voice-over Internet protocol technology to provide voice, web and video conferencing for businesses.
AT&T expects to close the deal in the fourth quarter.
Following the acquisition, the company will operate as a business unit within AT&T Global Business Services. AT&T expects to retain Interwise's management team and its domestic and international operations, including its R&D center in Israel.
"We are very excited about the opportunities that joining AT&T brings to our organization and to our customers," said Frank Zvi, co-founder, president and CEO of Interwise.
"Interwise has demonstrated its ability to deliver exceptional conferencing and collaboration solutions to some of the largest and most demanding companies in the world. Combining our technology with AT&T's global MPLS-based IP network, sales and marketing reach, financial strength and trusted brand is excellent news for our customers. It also creates an unparalleled opportunity for growth and the basis for continued leadership for years to come," said Zvi.
