The private equity firm GTCR is adding to its carrier voice empire. They will be purchasing publicly-held Inteliquent for $23.00 per share, which works out to a total purchase price of about $800M.
GTCR intends to merge the Inteliquent business with its other portfolio company, Onvoy LLC. Onvoy has been a consolidator of voice communications and messaging assets over the last several years. Earlier this year they acquired ANPI, while the prior year it was BroadVox and Layered Communications. The merger with the Inteliquent business will be the biggest project they've taken on. Onvoy got its start as an spinoff of the voice networking assets from the Zayo empire.
Inteliquent has $90.8M in revenue in the second quarter of this year with net income of $9M or so. The bulk of their business has always been carrier-grade interconnection services, and their earlier name was of course Neutral Tandem. They became Inteliquent after the purchase of Tinet when they entered the IP and Ethernet networking business. They sold that to GTT three years ago, and have refocused their business on voice and messaging. Just this week they added SIP IQ to their CPaaS solution.
The deal is expected to close in the first half of 2017. Inteliquent was expected to post its Q3 earnings, but will now just be issuing a 10-Q sometime in the next week.