PAETEC Holding Corp. (NASDAQ GS: PAET) announced the completion of its transaction to acquire Allworx Corp., effective October 31. PAETEC acquired Allworx, a privately held company that develops, designs, markets, and sells a complete phone and network system designed to benefit small and medium-sized businesses, in a $25 million all-cash acquisition.
“We are excited to bring on board the entrepreneurial spirit and technical expertise of the Allworx employees,” said PAETEC Chairman and CEO Arunas A. Chesonis. “This transaction will allow us to offer the innovative Allworx product line to an important segment of our customer base while offering the breadth of PAETEC’s network services to existing Allworx customers.”
“I’m very proud of the success of Allworx and the quality of our people,” said Allworx co-founder George E. Daddis Jr. “Joining PAETEC brings tremendous resources and synergies that will allow Allworx to accelerate its push into the SMB telephony market and grow its consulting division all while maintaining the ability to work as a team and form industry partnerships.”
PAETEC adds approximately 70 employees through this transaction, bringing the company’s total to roughly 2,400. Allworx’ operations will remain in its East Rochester, N.Y., location, and will function as a wholly owned subsidiary of PAETEC.
About PAETEC
PAETEC (NASDAQ GS: PAET) is personalizing business communications for medium-sized and large businesses, enterprise organizations and institutions across the United States. We offer a comprehensive suite of voice, data, and IP services, as well as enterprise communications management software, network security solutions, CPE, and managed services. For more information, visit www.paetec.com.
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