8×8 has acquired privately-held Wavecell Pte. Ltd., a Singapore-based global Communications Platform-as-a-Service (CPaaS) provider, for approximately USD $125 million in cash and stock.
The acquisition provides 8×8 with an established technology platform and high-growth revenue business to pursue CPaaS globally.
Wavecell will expand 8×8’s international presence, and deepen the company’s technology capabilities in cloud communications. The acquisition expands 8×8’s presence into the rapidly growing Southeast Asian market, including Singapore, Indonesia, Philippines, Thailand, and Hong Kong, with a talented employee base and more than 500 enterprise customers, including Paidy, Tokopedia and Lalamove.
Founded in 2010, Wavecell offers a CPaaS solution including a cloud-first API platform with SMS, chat apps, video interaction and voice APIs that enable mission-critical enterprise applications such as Application-to-Person (A2P) messaging, omnichannel customer journeys and multi-factor authentication at scale. Global market intelligence firm IDC forecasts the worldwide voice and text messaging communications platform-as-a-service market to grow to $10.9 billion in 20221.
“The market opportunity in CPaaS is growing rapidly, and this acquisition enables us to quickly provide these services to our customers around the world,” said Vik Verma, CEO of 8×8. “8×8 is now the only cloud provider that owns the full, global-scale, cloud-native technology stack offering voice, video, messaging, and contact center delivered both as pre-packaged applications and as enterprise-class APIs. We’re excited to welcome the Wavecell employees to the 8×8 family. We now have a significant market presence in Asia and expect to continue to expand in the region and globally in order to meet evolving customer requirements.”
“With the acquisition of Wavecell, we can now offer customers enterprise-class APIs, bringing a CPaaS solution to our global communications platform,” said Dejan Deklich, Chief Product Officer of 8×8, Inc. “Customer demand for CPaaS is accelerating and now organizations can easily add real-time communication capabilities that include SMS, chat apps, voice and video to improve the experience for their end-customers. The integration of all the API’s and data into one CPaaS platform gives 8×8 customers unprecedented ability to engage with end users in true omni-channel fashion and understand the full customer journey.”
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