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Loopup Group completes £61.4m acquisition of MeetingZone
Premium remote meetings firm Loopup Group announced on Tuesday that it has successfully completed the £61.4m cash acquisition of MeetingZone Group.
The acquisition of the UK-headquartered conferencing services provider comes after Loopup saw the re-admission of its enlarged share capital to trading on AIM on 4 June.
Loopup said MeetingZone has roughly 6,000 customers worldwide and operations in Germany, Sweden and North America, as well as a "consistent" track record of profitability.
The company registered revenue of £22.5m and gross profit of £15m for the year ended 31 December 2017.
Steve Flavell, chief executive of LoopUp, said: "This is a transformational step for the company - MeetingZone enhances our already strong competitive position, adds significant scale to the business, amplifies the network effect of our offering, and brings a close and long-standing partnership with Cisco. We are excited to welcome MeetingZone into our newly-enlarged group."
MeetingZone sells its own standalone audio conferencing services, resells Cisco's WebEx and Spark collaboration services, as well as offering a value-added audio services product for Microsoft Skype for Business.
As of 1655 BST, Loopup Group's shares were unchanged at 477.50p.