Press Release Archive
Premiere Global Services Acquires Leading Nordic Conferencing Services Provider
Acquisition of NetConnect’s Meet24 Extends Reach of the PGi Communications Operating System and is Expected to be Accretive to PGI’s Earnings
Nov 8, 2007
ATLANTA, GA, November 08, 2007 - Premiere Global Services, Inc. (NYSE: PGI), a global provider of on-demand business process improvement solutions, today announced that it has acquired Oslo-based Meet24, the conferencing and Web collaboration division of NetConnect Systems AS, for approximately $26.4 million, net of working capital*. The acquisition was funded with Premiere Global’s cash on hand and funds available under its credit facility.
Meet24 is a leading provider of conferencing services in the Nordic region, with operations in Sweden, Norway, Finland and Denmark. Meet24 is expected to generate revenue of approximately $14 million in 2007*, and the acquisition is projected to be accretive to Premiere Global’s revenues and earnings in 2008.
According to Wainhouse Research, the Nordic region conferencing services market totals approximately $135 million and represents approximately 18% of the overall European market. "With a unique understanding and focus in the Nordics, Meet24 is one of the largest and fastest growing conferencing providers in the region,” said Marc F. Beattie, CSP Practice Manager & Partner at Wainhouse Research. "With this acquisition, Premiere Global gains a significant advantage and further strengthens its presence as a pan-European provider.”
“The acquisition of Meet24 adds an important new region to our global footprint,” said Boland T. Jones, Founder, Chairman and CEO of Premiere Global Services, Inc. “We look to build on the already strong organic growth Meet24 is generating, as we introduce the PGi Communications Operating System’s full suite of business process improvement solutions to the region in 2008.”
*Based on current exchange rates.
About Premiere Global Services, Inc.
Premiere Global Services, Inc., formerly Ptek Holdings, Inc., is a leading global provider of innovative business communications and data services. Customers use our ASP platform to conduct traditional and VoIP-based collaboration sessions and to process and deliver large quantities of individualized, business critical information. Premiere Global offers outsourced document delivery, data capture, alerts/notifications and campaign management solutions that automate customers' business processes and improve efficiency levels enterprise-wide. We also offer a full suite of conferencing solutions, including automated, operator-assisted and Web collaboration services that enable customers to communicate real-time via our advanced, open standards global conferencing platform.
Premiere Global serves more than 46,000 corporate accounts in nearly every business sector, throughout 18 countries worldwide. Our corporate headquarters is located at 3399 Peachtree Road NE, Suite 700, Atlanta, GA 30326. Additional information can be found at www.pgi.com.
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Forward-looking and cautionary statements
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Premiere Global Services' forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological change; the development of alternatives to our services; market acceptance of our new services and enhancements; integration of acquired companies; service interruptions; increased financial leverage; our dependence on our subsidiaries for cash flow; continued weakness in our legacy broadcast fax business; foreign currency exchange rates; possible adverse results of pending or future litigation or infringement claims; federal or state legislative or regulatory changes; general domestic and international economic, business or political conditions; and other factors described from time to time in our press releases, reports and other filings with the SEC, including but not limited the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2005 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2006 and September 30, 2006. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.