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RingCentral working with adviser after takeover interest: BBG

(Reuters) – RingCentral Inc, a cloud-based business communications services provider, is working with an adviser after receiving takeover interest, Bloomberg reported, citing sources familiar with the matter.

The company’s shares jumped as much as 19.9 percent to hit a record high of $43.05 in morning trading.

RingCentral is likely to attract interest from technology-focused private equity firms and other cloud-based software providers, according to Bloomberg.

The San Mateo, California-based company, which went public in 2013 and counts AT&T among its customers, had a market capitalization of $2.7 billion as of Tuesday’s close.

RingCentral did not immediately respond to a request for comment…

Full Source: Reuters

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