PRZOOM - /newswire/ -
London, United Kingdom, 2008/06/02 - BT (LSE: BT.A; NYSE: BT) today announced the completion of the acquisition of Wire One Holdings, Inc. (“Wire One”) from The Gores Group.
Wire One is a leading provider of videoconferencing solutions in the United States and will form the core of BT Conferencing’s video business unit. BT Conferencing is one of the leading players in the UK and European conferencing market and has a strong presence in the United States and Asia Pacific. The acquisition extends BT Conferencing’s customer footprint and significantly enhances its video conferencing capabilities and service offerings.
Aaron McCormack, Chief Executive Officer of BT Conferencing, said: “The demand for video conferencing services is growing rapidly. With this acquisition, BT is now a worldwide leader in video solutions. Our customers will have access to world class video services from a single global provider over a global IP network over 170 countries.”
Jeff Prestel, formerly Senior Vice President Sales & Marketing at Wire One, has been appointed as the General Manager of the BT Conferencing Video Business Unit. “I am delighted to lead this new business unit for BT Conferencing. Our customer centric focus will continue to drive innovations and excellence in service delivery.”
BT is one of the world’s leading providers of communications solutions and services operating in 170 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to our customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services. BT consists principally of four lines of business: BT Global Services, Openreach, BT Retail and BT Wholesale.
In the year ended 31 March 2008, BT Group plc’s revenue was £20,704 million with profit before taxation of £2,506 million.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.
About BT Conferencing
BT Conferencing was established more than 20 years ago and is now one of the leading global providers of audio, video and web collaboration services. Year on year growth has seen the company out-perform the conferencing industry expectation and with its extensive global portfolio, is now one of the largest conferencing providers in the UK and Europe with current reach in more than 70 countries. BT Conferencing is based in the USA, EMEA and Asia Pacific and specialises in the delivery of reliable, robust and innovative conferencing solutions and product hardware to some of the largest companies in the world. The company offers tailor-made solutions to customers, whether they are small SMEs or major global businesses. With businesses now juggling to increase productivity, being more environmentally aware and at the same time looking to improve the work-life balance of its employees, conferencing and collaboration services provide a cost effective and time saving solution.
About The Gores Group, LLC
Founded in 1987 by Alec E. Gores, The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of $1.7 billion. Headquartered in Los Angeles, California, The Gores Group, LLC maintains offices in Boulder, Colorado and London.
Enquiries about this news release can be made to the BT Group Newsroom on its 24-hour number: +44(020 7356 5369. From outside the UK dial +44(0)20 7356 5369.