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Friday, October 4, 2019

RingCentral (RNG) and Avaya (AVYA) enter strategic partnership

  • RingCentral announces strategic partnership with Avaya, takes 6% minority stake in Avaya; RNG will be exclusive provider of UCaaS to Avaya

  • RingCentral announces that it will enter into a commercial agreement with Avaya (AVYA), making RNG the exclusive provider of Unified Communications as a Service (UCaaS) solutions to Avaya.

  • RingCentral and Avaya will introduce a new solution, "Avaya Cloud Office by RingCentral." RingCentral and Avaya will jointly develop programs to leverage Avaya's global sales and partner network, as well as build automated technologies for seamless customer transition to RingCentral's UCaaS solution.
  • Both companies will contribute resources towards development and sales & marketing of Avaya Cloud Office. RingCentral will pay Avaya an advance of $375 mln, predo minantly for future commissions, as well as certain licensing rights. The Consideration Advance will be paid primarily in stock.
  • RingCentral will also purchase $125 mln aggregate principal amount of 3% convertible and redeemable preferred stock, obtaining approximately a 6% position in Avaya on an as-converted basis. This will be funded with existing cash on balance sheet.

  • Avaya (AVYA) charts


    RingCentral (RNG) charts


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