BT has announced its plans to
buy US videoconferencing firm
Wire One, which will be
brought in to form the core of the BT Conferencing video services unit.
Wire One is currently based in Denver, Colorado and employs over 350 people
in the US and Europe.
BT aims to use the acquisition to expand its existing videoconferencing
capabilities and services offering to its customers.
"The acquisition of Wire One is a tremendous addition to BT's global managed
video capabilities, the fastest growing sector in the teleconferencing
industry," said Aaron McCormack, chief executive officer of BT Conferencing.
"We look forward to using these capabilities to create a new suite of managed
video services on our global IP network and providing an enhanced offering to
both BT Conferencing and Wire One's existing and future customers."
According to analyst firm Wainhouse, the videoconferencing market generated
revenues of $140m in 2007 and is forecast to be worth $2.6bn by 2010.
Wire One customers will see significant benefits from BT's extensive global presence
Dan Connors Chief executive officer, Wire One
"Wire One customers will see significant benefits from BT's extensive global
presence and a compelling managed services offering," added Dan Connors, chief
executive officer of Wire One.
BT is acquiring Wire One from The Gores Group LLC and the proposed
acquisition is dependent on all the usual regulatory clearances being met.
Exact financial details of the sale were not disclosed but the audited gross
assets of Wire One as at end of 2007 were set at $90.5m.
Do you agree?
Have your say on this article