January 29th 2021 – Dublin, Ireland: Venturewave, the group and affiliate holding company of Venturewave Capital Limited and Blueface Holdings Limited, confirmed today that it has successfully agreed to the sale of StarBlue Inc., a leading enterprise communications business, to Sangoma Technologies Corporation (“Sangoma”) (TSXV: STC), a trusted leader in delivering cloud-based Communications-as-a-Service (“CaaS”) solutions, who is listed on the Toronto Venture Exchange in Canada. The transaction will close by March 31, 2021, subject to Sangoma shareholder and TSX Venture Exchange approvals and other customary closing conditions.
StarBlue was established in January 2018 due to the merger between Blueface, an Irish-headquartered Global Cloud Unified Communications company, and Star2Star Communications, a Florida full-spectrum enterprise communications company. Blueface was successfully acquired in January 2020 by Comcast, the global media, entertainment, and communications company. Sangoma’s acquisition of StarBlue and its remaining portfolio asset, Star2Star Communications, represents an opportunity to unite two world-class unified communications companies with a full spectrum of enterprise communications offerings to compete on the global stage.
Since Venturewave originally invested in Blueface in 2011, the business scaled rapidly through organic growth, global expansion and M&A – the creation of StarBlue created a differentiated portfolio of enterprise communications companies. “When we first invested, we knew the Company was primed for success with innovative technology to compete on the world stage. The merger with Star2Star to form StarBlue, subsequent key partnerships, M&A and successful divestitures have made this investment journey a rewarding and exciting,” said Alan Foy, Chairman of Venturewave.
Throughout the investment, Venturewave deployed an active management methodology engaging a network of senior operating professionals with specialised expertise to drive expansion and strategic development opportunities. Finally, Alan Foy commented, “As we exit at this juncture, we would like to thank Norman Worthington and wish him and the entire StarBlue team the best on the next phase of their journey with Sangoma”.
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Issued on behalf of Venturewave by Heneghan
Contact:
Nigel Heneghan
Email: Nigel@heneghan.ie
Phone: + 353 086 258 7206
