Interactive Intelligence, a global provider of unified IP business communications solutions, has acquired Global Software Services, Inc., doing business as Latitude Software, a privately-held provider of debt collection software and services.
Interactive Intelligence purchased 100 percent of Latitude's stock for approximately $14 million in an all-cash transaction funded from Interactive Intelligence's cash-on-hand.
On a trailing twelve month basis ending Sept. 30, 2010, Latitude recorded revenue of approximately $7.8 million, up 46 percent over its revenues during the prior twelve month period. Latitude has no outstanding debt.
"The acquisition of Latitude reflects one of our ongoing growth strategies of using our strong cash position to add industry-specific applications and expertise - a strategy we kicked off last year with our acquisition of insurance content management provider, AcroSoft," said Interactive Intelligence founder and CEO, Dr. Donald E. Brown.
"Latitude founder and president, Carl Harkleroad and his team have created a well-architected and scalable software suite that's delivered on-premise or via the cloud," continued Brown. "Latitude's offering backed by 13 years of industry experience will augment our growing presence in the debt collection vertical, where we continue to see increased demand for our all-in-one IP communications software suite and sophisticated outbound dialing functionality."
"We've seen rapid growth of our 200-plus customer base, which includes Fortune 500 companies that range from credit card servicing and auto financing firms, to one of the country's largest providers of cable services," Harkleroad said. "By joining Interactive Intelligence we believe that we can accelerate this growth, while offering our customers new products and services for contact center automation, enterprise IP telephony, and business process automation."
Interactive Intelligence will offer the Latitude Software suite as a standalone solution, which will include integration with its own Interaction Dialer(R) application, as well as with third-party dialer products.
Latitude will operate as a subsidiary of Interactive Intelligence and it will maintain its current headquarters in Jacksonville, Florida, which is currently staffed by 40 employees.
The Latitude team will continue to handle 24/7 customer support. Latitude customers will continue to receive product enhancements, both through generally available releases and requested customization.
About Latitude Software
Latitude Software (debtsoftware.com), a subsidiary of Interactive Intelligence, is a provider of debt collection software and services for collection agencies, first-party creditors, debt buyers, and law firms. The company has been honored with Debt Connection Symposium's 2008 "Industry Vendor of the Year" award, and the 2008 "Collection Technology Excellence" award. Latitude was founded in 1997 and is based in Jacksonville, Florida. It employs 40 people who serve more than 200 customers throughout North America. Latitude can be reached at 866.396.2599
About Interactive Intelligence
Interactive Intelligence, Inc. (inin.com) is a global provider of unified business communications solutions for contact center automation, enterprise IP telephony, and business process automation. The company was founded in 1994 and has more than 3,500 customers worldwide. Interactive Intelligence is among Software Magazine's top 500 global software and services suppliers, is a BusinessWeek "hot growth 50" company, and is among Fortune Small Business magazine's top 100 fastest growing companies. The company is also positioned in the leaders' quadrant of the Gartner Magic Quadrant for Contact Center Infrastructure, Worldwide report (Feb. 22, 2010). Interactive Intelligence employs approximately 700 people and is headquartered in Indianapolis, Indiana. It has 14 offices throughout North America, Latin America, Europe, Middle East, Africa and Asia Pacific.
This release may contain certain forward-looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: rapid technological changes in the industry; the company's ability to maintain profitability; to manage successfully its growth; to manage successfully its increasingly complex third-party relationships resulting from the software and hardware components being licensed or sold with its solutions; to maintain successful relationships with certain suppliers which may be impacted by the competition in the technology industry; to maintain successful relationships with its current and any new partners; to maintain and improve its current products; to develop new products; to protect its proprietary rights adequately; to successfully integrate acquired businesses; and other factors described in the company's SEC filings, including the company's latest annual report on Form 10-K.
Interactive Intelligence Inc. is the owner of the marks INTERACTIVE INTELLIGENCE, its associated LOGO and numerous other marks. All other trademarks mentioned in this document are the property of their respective owners.
Interactive Intelligence Inc.
Stephen R. Head, Chief Financial Officer
P: +1 317-715-8412 / E: steve.head[.]inin.com