Artificial IntelligenceCryptocurrencyMetaverseCybersecurityTech Forward

Call Center Software Maker Genesys to Buy Rival Interactive Intelligence

August 31, 2016, 12:25 PM UTC
Citi Zhuhai Call center
ZHUHAI, CHINA - May 27: Citi Call Center on May 27, 2010 in Zhuhai, Guangdong province, China. (Photo by Lucas Schifres/Getty Images)
Lucas Schifres — Getty Images

Genesys Telecommunications Laboratories, a provider of call center software, said it would buy rival Interactive Intelligence Group for about $1.4 billion.

The $60.50 per share offer is at a 36% premium to Interactive’s close on July 28, a day before Reuters reported that Interactive was considering strategic alternatives.

Interactive Intelligence’s (ININ) software helps call center operators analyze data and improve customer service calls. Its customers include Coca-Cola and Sony.

Genesys, whose customers include online payment processor PayPal and Red Hat, intends to fund the deal through a combination of cash on hand and debt.

Get Data Sheet, Fortune’s technology newsletter.

Reuters reported in July that Genesys was in talks to buy the contact center business that its peer Avaya is hoping to sell for more than $4 billion.

Bank of America Merrill Lynch, Citi, Goldman Sachs, and RBC Capital Markets were financial advisers to Genesys, while Fried, Frank, Harris, Shriver & Jacobson LLP is its legal adviser.

Union Square Advisors LLC is the financial adviser to Interactive Intelligence and Faegre Baker Daniels LLP is its legal adviser.