Ooma (OOMA) announced that it signed a definitive agreement on May 15, 2019, to acquire Broadsmart Global, a provider of cloud-based unified communications as a service solutions. Based in West Palm Beach, Florida, Broadsmart provides mid-sized and large enterprises with hosted voice service, audio and video conferencing, web collaboration, fiber connectivity, and SIP/IP trunking, along with network design and security solutions. Broadsmart serves customers throughout the United States and Canada. Broadsmart was previously a subsidiary of magicJack VocalTec, Ltd., a cloud-based Voice over Internet Protocol company, which was acquired by B. Riley Principal Investments, LLC, a wholly-owned subsidiary of B. Riley Financial, Inc. (RILY), in November 2018. The transaction is expected to close before the end of May and is subject to customary closing conditions. B. Riley FBR, Inc. acted as financial advisor to B. Riley on the transaction. Ooma has agreed to pay approximately $7.4M in cash for the acquisition of Broadsmart, subject to customary price adjustments.
