Avaya has signed an agreement to acquire Israeli video-conferencing system manufacturer Radvision .
In the transaction, approved by both companies' board of directors, RadVision's shareholders will receive US$11.86 per share, valuing the transaction at about US$230 million, a statement on Avaya's Web site released yesterday revealed. The acquisition is expected to close within 90 days assuming satisfaction of agreed-upon closing conditions.
Kevin Kennedy, president and CEO of Avaya, noted in the statement that customers today "demand a rich, collaborative user experience that is also interoperable and easy to use". With the acquisition, Avaya hopes to extend videoconferencing to "any device, anywhere, anytime," making it easier for customers.
"The strategic merger will now combine two industry leaders with a shared passion and vision for creating high-performance unified communications solution," Boaz Raviv, Radvision CEO, also said in the statement.
Despite the global slowdown, Israeli companies continue to attract "top dollar" from international investors and companies, Zach Herzog, equity sales trader at Psagot Investment House, told Bloomberg in a Thursday report.
"It is certainly likely that more Israeli companies will be sold in the years ahead," he said.