BERLIN and HONG KONG, Oct. 21, 2016 /PRNewswire/ -- VTech Holdings Limited (VTech, HKSE: 303), the world's leading manufacturer of cordless phones and a global leader in electronic learning products, and Snom Technology AG (Snom), the world's first and a leading brand of professional and enterprise VoIP (Voice over Internet Protocol) telephones, announced today the two companies have entered into a binding definitive agreement under which VTech will acquire 100% share capital of Snom. The acquisition will be financed through internal resources.
"VoIP is the future of business communication and the industry is now transitioning to a cloud-based Unified Communications environment. As a pioneer in this field, Snom is constantly developing new and advanced IP technology solutions to meet the needs of businesses worldwide," said C.H. Tong, President of VTech Telecommunications Limited. "The main synergies of the acquisition will be in hardware and software development, expanded market channels in VoIP telephony, and improvement in operational efficiency."
"We are excited to be joining VTech which will support our continued focus on developing and supplying the best business telephones in the world," said Andre Deloch, Chairman of the Supervisory Board of Snom. "The combination of VTech and Snom will strengthen the product portfolios and technological leadership of both companies in VoIP industry."
The transaction is subject to the approval of the relevant regulatory authorities.
About Snom Technology AG
Founded in 1996 and headquartered in Berlin Germany, Snom is a German multinational corporation and the world's first and a leading brand of professional and enterprise VoIP telephones. Snom's German engineering is globally renowned for robust, high-quality and feature-rich business telephones that are designed exclusively for the trained and certified professional IT and PBX installer. All of Snom's products are universally compatible with leading PBX platforms operating under the SIP standard, with over 4 million end-point installations globally. Snom products are sold through distributors to Value Added Resellers across the world. For more information, please visit www.snom.com.
VTech is the global leader in electronic learning products from infancy to preschool and the world's leading manufacturer of cordless phones. It also provides highly sought-after contract manufacturing services. Founded in 1976, VTech has been a pioneer in the electronic learning toy category with cutting-edge and innovative products that provide fun and learning to children across the world. By leveraging decades of success, VTech provides a diverse collection of telecommunication products that elevate the consumer experience with state-of-the-art technology and design. The Group is also one of the world's leading electronic manufacturing service providers, offering world-class, full turnkey services to customers in a number of product categories. The Group's mission is to design, manufacture and supply innovative and high quality products in a manner that minimizes any impact on the environment, while creating sustainable value for its stakeholders and the community. For more information, please visit www.vtech.com.