Infobip acquires Peerless Network; raises additional $500m

Infobip Group, a global cloud communications platform company for customer engagement announced that it has entered into a definitive agreement with global VoIP provider Peerless Network, marking Infobip's fourth acquisition in under a year. The transaction is expected to complete upon receipt of regulatory approvals in 2022 and will be financed with a combination of Infobip shares and cash. Peerless Network management will roll parts of its holdings into Infobip.

Launched in 2008, the Peerless Network portfolio delivers a robust suite of cutting-edge voice, UCaaS, SIP Trunking, Messaging, APIs, MS Teams integration, and other collaboration products and services. With its own nationwide voice network, Peerless Network is trusted by enterprises, Fortune 500 companies, world-leading MNOs, MVNOs and IXCs, and the nation's largest CLECs and VOIP Service Providers.

The acquisition builds on Infobip's ongoing investments and earlier acquisition of US messaging heavyweight OpenMarket, which closed in December 2020. Q1 2021 Revenue grew 55% y/y, a function of continued usage growth in its core business plus contributions from the $300m acquisition of OpenMarket. Other acquisitions include the developer Shift Conference franchise, purchased in April, and the world's number one SMS firewall provider, Anam, in May 2021.

In September 2021, Infobip also secured, through direct loan placement, additional funding in the amount of $500m, advised by Morgan Stanley, and led by funds managed by the Credit Group of Ares Management Corporation, and funds and accounts managed by BlackRock. The direct loan placement puts Infobip alongside an exclusive group of high growth, high-value technology companies, which utilised the same structure. This is Infobip's second funding round, following One Equity Partner's EUR 300m investment in H2 2020.