Siris Capital Partially Exits its Investment in Poly
NEW YORK and SANTA CRUZ, Calif., Aug. 27, 2020 /PRNewswire/ -- Plantronics, Inc. (NYSE: PLT) ("Poly" or the "Company"), a global communications company that powers meaningful human connection and collaboration, and Siris Capital Group, LLC ("Siris") today announced that Siris has sold approx. 4.1 million of the 7.1 million shares of Poly common stock that it previously owned, which represents ~57% of Siris' stake in Poly and ~10% of Poly's outstanding shares.
The share sale represents an opportunity for Siris to realize what it considers to be an attractive return on its original investment in Polycom in 2016. Siris and Poly have had a successful long-term relationship dating back to the Company's acquisition of Polycom from Siris in 2018.
"With Dave Shull recently announced as CEO, we feel that Poly is well positioned to capitalize on opportunities to be the endpoint provider of choice for the unified communications industry," said Frank Baker, Siris Co-Founder and Managing Partner. "We have confidence in Poly, its management team, and the opportunities ahead."
As a result of Siris reducing its holding and pursuant to the contractual arrangement between Siris and the Company, Mr. Baker has resigned from Poly's board of directors. However, Dan Moloney, a Siris Executive Partner, intends to remain an active member on the Poly board of directors.
"Siris has been a constructive partner to Poly over the past two years," said Bob Hagerty, Poly's Chairman of the Board and Interim Chief Executive Officer. "We are pleased that Dan will remain on our board."
Poly, the propeller design, and the Poly logo are trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.
Forward Looking Statements Safe Harbor
We do not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.
For more information concerning these and other possible risks, please refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 8, 2020, our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 29, 2020, and other filings with the Securities and Exchange Commission, as well as recent press releases. Without limitation, we cite risks related to sales and potential sales of our shares by Siris.
View original content to download multimedia:http://www.prnewswire.com/news-releases/siris-capital-partially-exits-its-investment-in-poly-301120049.html
SOURCE Plantronics, Inc. (“Poly” - formerly Plantronics and Polycom)