Premiere Global Services acquires Powwownow for $52.6M

|About: Premiere Global Services, Inc. (PGI)|By:, SA News Editor

Premiere Global Services (PGI) acquires SMB-focused conferencing/collaboration provider Powwownow for $52.6M in cash.

The company states the acquisition positions it as the second largest independent conferencing/collaboration provider in Europe.

Powwownow serves 240K active users in the U.K., France, and Germany with an annual revenue run-rate of $22M.

Management affirms that 2013 results will be in the ranges provided in Oct., with revenue of $523M-$525M and EPS of $0.78-$0.79. 2014 revenue is seen at $560M-$570M (vs. consensus of $546.5M) and EPS at $0.85-$0.88 ($0.81), with SaaS-based product sales growing over 50% Y/Y to over 10% of the overall revenue run-rate by year end.