Croatia’s Infobip acquires US-based Peerless Network, secures $500mn funding

Croatia’s Infobip acquires US-based Peerless Network, secures $500mn funding
By bne IntelliNews November 2, 2021

The Croatian IT company Infobip Group said it has entered into a definitive agreement with US-based global VoIP provider Peerless Network, marking Infobip’s fourth acquisition in less than a year. The company also said it has secured additional funding of $500mn.

“The deal extends Infobip’s voice presence in the US and makes its world class suite of CPaaS products available to Peerless customers, driving high quality conversation across the entire customer journey,” Infobip said in the press release on November 2.

The acquisition builds on Infobip’s earlier acquisition of US messaging heavyweight OpenMarket, which closed in December 2020. 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 an additional $500mn funding, through a direct loan placement. The company was advised by Morgan Stanley, and the funding was led by funds managed by the Credit Group of Ares Management Corporation, and funds and accounts managed by BlackRock. This is Infobip’s second funding round, following One Equity Partner’s €300mn investment in the second half of 2020.

The Peerless Network deal is expected to complete upon regulatory approvals in 2022 and will be financed with a mix of Infobip shares and cash.

Launched in 2008, the Peerless Network portfolio delivers a suite of voice, UCaaS, SIP Trunking, Messaging, APIs, MS Teams integration, and other collaboration products and services. Covering 93% of the US population, it has more than 4,500 interconnections in 49 US states, processing 9bn monthly minutes in over 200 markets.

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