ATLANTA, Oct. 16, 2014 /PRNewswire/ -- PGi (NYSE: PGI), a global leader in collaboration software and services for over 20 years, today announced the acquisition of Central Desktop, Inc., a leading cloud-based team collaboration and project management platform for businesses. PGi funded the purchase through its recently increased credit facility and cash and equivalents on hand.
"Joining forces with Central Desktop and its talented team is an important strategic move for PGi," said Boland T. Jones, PGi founder, chairman and CEO. "Today's workplace is evolving—teams are more flexible, mobile and dispersed than ever before. As leaders in collaboration for over 20 years, we recognize the need for those teams to work together whenever and however they choose. The acquisition of Central Desktop extends PGi's collaboration expertise beyond real-time meetings, creating a truly unified collaboration platform for how business works today."
"The acquisition of Central Desktop enables PGi to offer a more comprehensive collaboration suite across the growing market for collaborative applications," said Vanessa Thompson, Research Director, Enterprise Social Networks and Collaborative Technologies at IDC. "IDC estimates the Collaborative Applications market to grow to $5.7 billion by 2018. This acquisition also highlights the notion that organizations will increasingly look to a single consolidated offering that can filter and deliver content in real time and in context across multiple collaboration modalities."
Central Desktop's platform connects people and information in the cloud, enabling teams to collaborate around files, combine knowledge, inspire ideas and manage projects—at any time, from anywhere in the world. More than half a million users worldwide trust Central Desktop's team workspace and project management software to launch marketing campaigns, manage global projects, collaborate with contractors and agencies, connect cross-departmental teams and more. Pasadena-based Central Desktop has a current projected annual revenue run rate of approximately $9 million.
"We are thrilled to join PGi, a company that shares our passion for helping business people work together," said Isaac Garcia, Central Desktop co-founder and CEO. "Collaboration is an increasingly important investment for companies of all sizes. With PGi's support and industry expertise, we can empower our customers to work how they want with unified collaboration solutions that drive success and business growth."
PGi anticipates the acquisition of Central Desktop will be neutral to non-GAAP diluted earnings per share in 2014. PGi plans to provide a revised financial outlook for 2014 when it releases its third-quarter results.
About Premiere Global Services, Inc. │ PGi
PGi has been a leading global provider of collaboration software and services for over 20 years. PGi's cloud-based software applications empower business users to connect, collaborate and share ideas and information from their desktop, tablet or smartphone, enabling greater productivity in the office or on the go. PGi has a global presence in 25 countries, and its award-winning solutions provide a collaborative advantage to over 45,000 enterprise customers, including 75% of the Fortune 100™. In the last five years, PGi has hosted more than 1.1 billion people from 137 countries in over 250 million virtual meetings. For more information, visit PGi at pgi.com.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties, many of which are beyond our control. 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 PGi's forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological changes and the development of alternatives to our services; market acceptance of PGi's SaaS products, including iMeet® and GlobalMeet®; our ability to attract new customers and to retain and further penetrate our existing customers; our ability to establish and maintain strategic reseller and distribution relationships; risks associated with challenging global economic conditions; price increases from our telecommunications service providers; service interruptions and network downtime, including undetected errors or defects in our software; technological obsolescence and our ability to upgrade our equipment or increase our network capacity; concerns regarding the security and privacy of our customers' confidential information; future write-downs of goodwill or other intangible assets; greater than anticipated tax and regulatory liabilities; restructuring and cost reduction initiatives and the market reaction thereto; our level of indebtedness; risks associated with acquisitions and divestitures; indemnification claims from the sale of our PGiSend business; our ability to protect our intellectual property rights, including possible adverse results of litigation or infringement claims; regulatory or legislative changes, including further government regulations applicable to traditional telecommunications service providers and data privacy; risks associated with international operations and market expansion, including fluctuations in foreign currency exchange rates; and other factors described from time to time in our press releases, reports and other filings made with the Securities and Exchange Commission, including but not limited to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2013. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We do not undertake any obligation to update or to release publicly any revisions to forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this press release or the date of the statement, if a different date, or to reflect the occurrence of unanticipated events.
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