Investment firm Siris Capital has completed its buyout of communications and collaboration tools developer Polycom for nearly $2 billion cash, or $12.50 per share.
San Jose, California-based Polycom said Monday it has stopped trading on the Nasdaq stock exchange as a result of the transaction and will continue to operate under its own name.
Polycom had to terminate a prior $1.96 billion merger agreement with Ottawa, Canada-based communications firm Mitel in July in order to be acquired by Siri Capital.
Daniel Moloney, an executive partner at Siris Capital, said the company aims to help drive Polycom™s strategy to market audio, video and content collaboration platforms as well as create value for customers and partners.
Mary McDowell, a former Siris Capital executive partner and technology industry veteran, has succeeded Peter Leav as CEO of Polycom upon closing of the deal.
She previously held senior executive roles at Nokia, Compaq Computer and Hewlett-Packard.
McDowell also currently serves on the boards of Autodesk, Bazaarvoice and UBM.
