AudioCodes Announces Completion of Acquisition of Nuera Communications
Nuera Communications Becomes a Wholly-Owned Subsidiary of AudioCodes
Lod, Israel – July 6, 2006 – AudioCodes (NASDAQ: AUDC), a leading provider of Voice over Packet (VoP) technologies and Voice Network products, today announced the successful completion of its previously announced acquisition of Nuera Communications, Inc., a leading provider of Voice over Internet Protocol (VoIP) infrastructure solutions for broadband and long distance with an extensive client base in North America as well as in Asia and Europe.
Under the definitive agreement, announced on May 16, 2006, Nuera Communications was acquired for a purchase price of $85 million in cash, subject to reduction for certain expenses, plus an earn out arrangement under which AudioCodes has agreed to pay up to an additional $5 million if Nuera achieves certain revenue milestones during the first 12 months after consummation of the transaction.
“We are very pleased to announce the completion of the Nuera Communications acquisition” said Shabtai Adlersberg, Chairman, President and CEO of AudioCodes. “We are now better positioned in the Voice over Broadband market. We have also added Reliance, Cox and Rogers among others as customers and we have increased the scale of our Company to better service our Network Equipment Provider and Service Provider customers.
“We are pleased with the positive response we have received from our customers, employees and partners” said Bill Ingram, President and CEO of Nuera. “We look forward to contributing to the growth of AudioCodes.”
Additional details about the acquisition and Nuera Communications’ business can be found in the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on June 28, 2006.
About Nuera Communications
Nuera Communications an AudioCodes company, designs, manufactures and sells packet voice gateways to communication service providers worldwide. These products work over any medium (cable, wireless, copper and fiber). Nuera’s ORCA (Open Reliable Communications Architecture) product portfolio of VoIP gateways, softswitches, and management systems provide telephony solutions for cable and DSL networks, international long distance networks and enterprise networks. Nuera is a leader in the broadband telephony market.
For more information, ple ase visit www.nuera.com.