A San Francisco artificial-intelligence call center services company that went public via a blank-check merger in 2021 has agreed to be acquired in a $353 million deal.
LiveVox Holdings, Inc. (Nasdaq: LVOX), which provides a range of cloud and AI software services for corporate call centers, reached a deal to be purchased by an Israel-based competitor Nice Ltd. (Nasdaq: NICE) for $3.74 a share.
In 2021, LiveVox went public in a merger with special purposes acquisition company Crescent Acquisition Corp. in a deal that initially valued the former at $840 million. The combined company debuted on the Nasdaq at more than $9 a share. But like many companies that went public via SPAC mergers, its stock price declined precipitously after that. Its shares closed at $3.34 a piece Wednesday, the day before it announced its deal with Nice acquisition was announced.
"This is great news for our customers, employees, and shareholders. NICE is an amazing organization and its breadth, reach and commitment to continuous innovation promise to amplify our growth and the capabilities of the complementary solutions we can bring to market together," John DiLullo, CEO of LiveVox said in a statement. "Today's announcement marks the beginning of a thrilling new chapter for LiveVox, and we are excited to embark on this journey alongside a prominent global leader in Customer Experience platforms and trusted AI solutions."
Founded in 2000, LiveVox offers call-center software that supports a variety of communication channels, including phone, text, chat and email. Its service also offers customer relationship management features. The company was acquired by Golden Gate Capital in 2014 for an undisclosed sum.
In a press release, Nice said that the transaction will be cash flow positive to its operating income and will not impact its share buyback program.
The companies expect the deal to close in the first half of next year, according to the press release. In fact, under their deal, they have until 5 p.m. on April 3 to complete their merger. Either company can terminate the agreement under certain conditions by paying a $4 million termination fee.
