LiveVox Holdings, Inc. (“LiveVox” or the “Company”), a leading cloud-based provider of customer service and digital engagement tools, today announced that it completed its previously announced business combination with Crescent Acquisition Corp (“Crescent”) (formerly NASDAQ: CRSA), a publicly traded special purpose acquisition company, on June 18, 2021. Louis Summe, founder, and CEO of LiveVox, will continue to lead the business.
The combined company will operate as LiveVox Holdings, Inc. and its Class A common stock, units and warrants will trade under the symbols “LVOX,” “LVOXU” and “LVOXW,” respectively, on The Nasdaq Global Select Market beginning June 22, 2021.
LiveVox is a leading cloud-based provider of customer service and digital engagement tools that seamlessly integrates customer engagement into a single pane of glass. LiveVox’s technology and blended omnichannel approach to digital engagement and customer service allows the Company to secure deals over its competitors. LiveVox’s platform features unified data capabilities that allow customer data to be more easily accessed across different channels and the newly announced, AI-enabled LiveVox Bot. Combined with the built-in CRM and pre-integrated WFO capabilities, LiveVox is able to provide an improved agent and customer experience, easier configuration and lower total cost of ownership.
LiveVox will receive approximately $123 million going to the Company’s balance sheet to accelerate growth by substantially increasing its investment in sales and marketing. The enhanced liquidity will also allow LiveVox to take advantage of additional growth opportunities in the future.
“There’s never been a more exciting time for LiveVox as we complete our business combination with Crescent Acquisition Corp and become a public company,” said Louis Summe, CEO of LiveVox. “This is a significant milestone in our 20-year journey – one that reflects the hard work and passion of our employees and the tremendous support of our customers and partners. LiveVox’s CCaaS 2.0 platform is directly addressing the needs of today’s modern contact centers, focused on helping our customers adopt new technologies like AI and speech analytics, to take their performance to the next level. We believe that we’re well-positioned to accelerate our growth and capitalize on the massive market opportunity as contact centers continue to push towards digital transformation through unified, cloud-based technology. Additionally, our strengthened balance sheet will enable us to accelerate expansion of our platform capabilities and enhance our customer service and support programs.”
“We’re excited to continue to work closely with LiveVox and remain committed to the Company’s mission, leadership and market-leading contact center software,” said Rishi Chandna, Managing Director at Golden Gate Capital. “We were happy to support LiveVox’s strengthened balance sheet, which will enable LiveVox to increase its investment in sales and marketing to rapidly grow its customer base, while continuing to develop its mission-critical technology. We look forward to supporting Louis Summe and the Company to generate substantial value for all LiveVox stakeholders. We are deeply committed to the success of the company and are thrilled to be long-term partners contributing to their growth.”
“We’re thrilled to partner with the LiveVox management team and Golden Gate Capital as the Company accelerates its growth into a massive market opportunity, with the secular shift of contact centers to the cloud,” Robert Beyer, Executive Chairman, and Todd Purdy, CEO of Crescent Acquisition Corp, jointly said. “After we took Crescent Acquisition Corp public, we searched for a market-leading company with a world class management team, and in LiveVox we found that and so much more.”
A more detailed description of the transaction terms will be included in a Current Report on Form 8-K to be filed by LiveVox with the U.S. Securities and Exchange Commission (“SEC”).
Credit Suisse served as lead placement agent, financial advisor and capital markets advisor and BofA Securities, Inc. served as private placement agent and capital markets advisor for Crescent Acquisition Corp. Goldman Sachs & Co. LLC, Jefferies Group LLC, Stifel Financial Corp and Piper Sandler Companies served as financial advisors to LiveVox. The Benchmark Co., LLC and Northland Securities, Inc. served as capital markets advisors to LiveVox. Kirkland & Ellis LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to LiveVox and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Crescent Acquisition Corp.
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