Fusion’s Acquisition of IQ Max Thought to Accelerate Leadership in CPaaS Market
Fusion (FSNN), a leading provider of cloud services, announced today that it has continued its feed its acquisition appetite in that it has acquired the software, intellectual property and customers of privately held IQMax, Inc. (“IQMax”), a pioneer in developing secure messaging, enterprise data integration and advanced cloud communications solutions.
IQ Max’s advanced data integration engine is thought to accelerate Fusion’s leadership in the large and rapidly expanding global voice and messaging Communications Platform as a Service (CPaaS) market, which IDC expects to grow from $867 million in 2016 to $8.2 billion in 2021.
Matthew Rosen, Fusion’s Chief Executive Officer stated, “Over $20 million has been invested in IQMax’s cloud-based solutions software and services platform since 2001, and while the current revenue and EBITDA contribution is not material to Fusion, we believe that we have concluded a compelling transaction that will advance the company’s leadership position in the rapidly growing secure messaging space and accelerate our planned applications integration expansion. The all-stock transaction includes additional time-limited royalties based on future sales of the software, providing a strong incentive to continue driving sales of the IQMax software solutions. IQMax’s leading-edge technology platform, feature-rich solution set and expert team of development professionals will enhance our advanced cloud solutions platform and accelerate the expansion of Fusion’s cloud ecosystem, facilitating integration with a wide range of CRM platforms, external messaging, and other business productivity software platforms.”