According to Streetinsider.com, 8×8 is looking for a potential buyer. The secretive sources say the move is being explored due to the increased consolidation occurring in the telecommunications software and hardware industry. 8×8 is looking to scale in order to compete against market juggernauts such as Cisco.
Apparently 8X8 has been working with Morgan Stanley to field interest from other companies and private equity firms.
There was no certainty that these talks will continue or that they will lead to a deal, the people added.
The sources asked not to be identified because the negotiations were confidential.
8×8 shares rose as much as 14 percent on the news and ended trading up 10 percent at $16.15 in New York on Friday, giving the company a market capitalization of close to $1.5 billion.
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