8×8, a leading cloud provider of voice, video, chat and contact center solutions for over one million users worldwide, acquired Wavecell, a Singapore-based global Communications Platform-as-a-Service (CPaaS) provider. The acquisition, which deepens the company’s technology capabilities in cloud communications, is for about $125 million in cash and stock.
The purchase gives 8×8 a foothold in the global CPaaS market. It is a natural expansion of 8×8’s cloud business from Unified Communications-as-a-Service (UCaaS), Contact Center-as-a-Service (CCaaS), and Video into the CPaaS market.
“The market opportunity in CPaaS is growing rapidly, and this acquisition enables us to quickly provide these services to our customers around the world,” said Vik Verma, CEO of 8×8. “8×8 is now the only cloud provider that owns the full, global-scale, cloud-native technology stack offering voice, video, messaging, and contact center delivered both as pre-packaged applications and as enterprise-class APIs. We’re excited to welcome the Wavecell employees to the 8×8 family.”
Wavecell brings enhanced omni-channel CPaaS capabilities to 8×8’s cloud communications platform. With Wavecell onboard, 8×8 acquires a large scale, well-recognized platform for providing SMS, messaging, voice, and video APIs globally to both enterprises and developers. It will give partners an opportunity to build services that leverage CPaaS capabilities.
“Customer demand for CPaaS is accelerating, and now organizations can easily add real-time communication capabilities that include SMS, chat apps, voice, and video to improve the experience for their end-customers. The integration of all the API’s and data into one CPaaS platform gives 8×8 customers unprecedented ability to engage with end-users in true omni-channel fashion and understand the full customer journey,” said Dejan Deklich, Chief Product Officer of 8×8.
The acquisition helps 8×8 expand its global presence and coverage. Wavecell has a footprint in 190 countries through relationships with 192 network operators and business partners such as WhatsApp. 8X8 will be expanding its presence into the rapidly growing Southeast Asian market, including Singapore, Indonesia, Philippines, Thailand, and Hong Kong. Wavecell also brings an R&D center in Asia, which allows 8×8 to accelerate growth in product innovation and delivery further.