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BT Conferencing to acquire Wire One Holdings Inc

April 10, 2008 | Chris Payatagool

logo_75x36.gifwireonetechnology.gifBT (LSE: BT.A; NYSE: BT) today announced that it has agreed to acquire Wire One Holdings Inc. ("Wire One"), one of the leading providers of videoconferencing solutions in the United States. It is intended that Wire One will form the core of BT Conferencing's video services unit.
Based in Denver, Colorado, Wire One employs over 350 professionals across the US and Europe and provides products and services to over 8,000 customers, including 55% of the US Fortune 100.  With over 20 years of videoconferencing support expertise, Wire One is one of the leading providers in the US of easy to use, reliable, and cost-effective video communication solutions.  The videoconferencing market is forecast to be worth $2.6bn by 2010*.  For the year ended 31 December 2007, the business generated revenues of $140 million.

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 of Wire One will allow BT Conferencing to enhance significantly its existing videoconferencing capabilities and services offering to its customers.
Aaron McCormack, Chief Executive Officer of BT Conferencing said: "The acquisition of Wire One is a tremendous addition to BT's global managed video capabilities, the fastest growing sector in the Teleconferencing industry.  We are excited about the business, its employees and the customer base that Wire One has built.  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."
Dan Connors, CEO of Wire One, said, "I am very proud of the accomplishments of our team and am excited about the next step of our evolution as part of BT Conferencing.  The combination will enable us to complement our strong video solutions with industry-leading audio and web offerings.  Wire One customers will see significant benefits from BT's extensive global presence and a compelling managed services offering."

BT is acquiring Wire One from The Gores Group LLC and the proposed acquisition is contingent upon obtaining the necessary regulatory clearances. The audited gross assets of Wire One as at 31 December 2007 were $90.5 million.


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