LiveVox Closes SPAC Merger With Crescent Acquisition, to Trader Under Ticker 'LVOX' on Tuesday

June 21, 2021 9:35 AM EDT

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Cloud-based contact center platform LiveVox Holdings announced it is merging with a special purpose acquisition company (SPAC) Crescent Acquisition Corp. (NASDAQ: CRSA).

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.

The deal will provide LiveVox with $123 million in cash, which the company will use to further accelerate growth and the improved liquidity will help the company better leverage new growth opportunities. Founder and CEO of LiveVox, Louis Summe, will continue to head the company.

“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.

“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.”

Through the integration of omnichannel communications and customer relationship management (CRM), LiveVox offers outstanding agent and customer experience, while minimizing compliance risks.

Crescent Acquisition Corp. said it is very happy to partner up with LiveVox and Golden Gate Capital as the company continues to speed up its growth into a huge market opportunity, with the “secular transition of contact centers to the cloud.”

“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,” said Rishi Chandna, Managing Director at Golden Gate Capital.

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