Altigen Communications, Inc. completed the acquisition of Substantially All of the Assets from Intermountain Technology Group, LLC for $4.5 million.
May 05, 2022
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Altigen Communications, Inc. (OTCPK:ATGN) signed a definitive asset purchase agreement to acquire Substantially All of the Assets from Intermountain Technology Group, LLC on March 4, 2022. Both ZAACT's management team and employees will be joining Altigen upon closing of the transaction. Altigen will fund the acquisition with cash on hand, and the issuance of new shares of common stock. For the fiscal year ended December 31, 2021, ZAACT generated over $5.3M in revenues while recognizing approximately $0.5 million in Net Income. Separately, on March 7, 2022, Joe Hamblin, Altigen's Chief Operating Officer tendered his resignation to pursue other interests. The closing, expected to occur later this month, is subject to Altigen's completion of certain due diligence items. The terms of the transaction will be disclosed upon closing. The total consideration included cash payment of $2.9 million and 250,627 shares of the company. The cash was paid from existing cash on hand. Other payments include $0.7 million in cash after 3 years starting 5 June, 2023 and $0.6 million in stock after 2 years starting 5 June, 2023. Several members of ZAACT's leadership team will join Altigen as corporate officers. Ryan Day, ZAACT founder and chief executive officer, will become Altigen's chief strategy officer, reporting to Fleming. Trent Rowley, president and chief operating officer will become Altigen's chief operating officer, reporting to Fleming. Chris Weidemann, vice president of development will become Altigen's chief technology officer, and Darin Rohead, vice president of sales will join Altigen as vice president of sales service, both reporting to Rowley. Mark Allen, Altigen's current CTO, will assume the role of Chief Product and Innovation Officer, reporting to Fleming.
Altigen Communications, Inc. (OTCPK:ATGN) completed the acquisition of Substantially All of the Assets from Intermountain Technology Group, LLC on May 6, 2022.
Altigen Communications, Inc. is a Microsoft independent software vendor (ISV) and cloud solutions provider (CSP) of cloud-based Internet protocol-private branch exchange (IP-PBX), departmental call center and corporate contact center solutions. The Company is engaged in designing, developing, marketing, and supporting integrated communications solutions. The Company operates through two segments: North America and Rest of World. Its solutions portfolio is divided into two key categories: Hosted Enterprise Cloud Communications Services and Premise-Based Business Communications Solutions. Its Hosted Unified Communications Solutions and Services include Hosted Skype for Business, MaxACD Cloud Contact Center, MaxCS Cloud PBX and Session Initiation Protocol (SIP) Trunking Service. Premise-Based Business Communications Solutions include MaxCS Cloud PBX, MaxACD Voice Over Internet Protocol (VoIP) Contact Center and MaxACD Contact Center for Microsoft Skype for Business.