LOS ANGELES and WEST PALM BEACH, Fla. and NETANYA, Israel, Nov. 07, 2018 (GLOBE NEWSWIRE) -- B. Riley Financial, Inc. (“B. Riley”) (RILY), a diversified financial services company which operates through several wholly-owned subsidiaries, and magicJack VocalTec Ltd. (“magicJack”) (CALL), a leading Voice over IP (VoIP) cloud-based communications company, today announced that they have received regulatory approval from the U.S. Federal Communications Commission related to B. Riley’s pending acquisition of magicJack. The parties have agreed to a scheduled closing date of November 14, 2018.
Upon closing of the transaction, magicJack will be managed by B. Riley’s Principal Investments subsidiary which currently owns and operates United Online, Inc., a provider of value-priced Internet access services through the NetZero and Juno brands.
About magicJack VocalTec Ltd. (CALL)
magicJack VocalTec Ltd., the inventor of magicJack and a pioneer in VoIP technology and services, is a leading cloud communications company. With its easy-to-use, low cost solution for telecommunications, the Company has sold more than 11 million award-winning magicJack devices, which is now in its fifth generation, has millions of downloads of its free calling apps, and holds more than 30 technology patents.
Broadsmart, a leading hosted UCaaS (Unified Communication as a Service) provider for medium-to-large multi-location enterprise customers, is a division of magicJack VocalTec Ltd. Broadsmart has a track record of designing, provisioning and delivering complex UCaaS solutions to blue chip corporate customers on a nationwide basis. Broadsmart has expertise in servicing enterprises with hundreds-to-thousands of locations.
magicJack® is a registered trademark of magicJack VocalTec Ltd. All other product or company names mentioned are the property of their respective owners.
About B. Riley Financial, Inc. (RILY)
B. Riley Financial provides collaborative financial services and solutions tailored to fit the capital raising and financial advisory needs of public and private companies and high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, a full-service investment bank and institutional brokerage; Great American Group, a leading provider of asset disposition, appraisal, corporate advisory and valuation services; GlassRatner, a specialty financial advisory services and consulting firm; B. Riley Wealth Management, B. Riley Asset Management and B. Riley Alternatives, which offer investment management to institutional and high net worth investors; Great American Capital Partners, which originates and underwrites senior secured loans for asset-rich companies; and B. Riley Principal Investments, which invests in or acquires companies and assets with attractive return profiles.
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the parties’ current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, the actual result may differ from the forward looking statements. Factors that could cause results to differ include (without limitation) the possibility that the merger does not close when expected or at all because of the occurrence of currently unforeseen circumstances. All information is current as of the date of this press release, and the parties undertake no duty to update this information.