VTech Completes Acquisition of German-based Snom Technology AG
Berlin, Germany and Hong Kong – VTech Holdings Limited (VTech, HKSE: 303), the world's leading manufacturer of cordless phones and a global leader in electronic learning products, today announced that the company has completed its acquisition of Snom Technology AG (Snom), the pioneer and a leading brand of professional and enterprise VoIP (Voice over Internet Protocol) telephones.
On 21 October 2016, the two companies announced that they had entered into a binding definitive agreement, under which VTech would acquire 100% of the share capital of Snom.
The transaction was completed on 21 November 2016 as it has satisfied all regulatory requirements and closing conditions. Upon completion, Snom is an indirect wholly-owned subsidiary of VTech.
About Snom Technology AG
Founded in 1996 and headquartered in Berlin Germany, Snom is a German multinational corporation. It is the pioneer 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 minimises any impact on the environment, while creating sustainable value for its stakeholders and the community.